Stocks open lower after Wall Street losses, weak Chinese economic data

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Stocks open lower after Wall Street losses, weak Chinese economic data

Published: 16 Aug. 2023, 10:08

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Wednesday. [YONHAP]

Stocks opened lower Wednesday following overnight Wall Street losses and on woes on continued U.S. rate hikes.

The benchmark Kospi shed 23.96 points, or 0.92 percent, to 2,547.24 in the first 15 minutes of trading.

U.S. stocks fell on Tuesday after retail sales grew at a faster-than-expected rate of 0.7 percent in July, which could prod the Fed to continue its aggressive monetary tightening policy.

The Dow Jones Industrial Average fell 1.02 percent, and the tech-heavy Nasdaq Composite dropped 1.14 percent.

China's disappointing economic data amid growing woes over its real estate sector also worried investors.

In Seoul, large-cap shares opened mixed.

Samsung Electronics lost 0.45 percent, and LG Energy Solution fell 0.92 percent.

SK hynix jumped 2.87 percent, and Samsung SDI added 0.82 percent. LG Chem inched up 0.17 percent.

Posco Holdings retreated 1.39 percent, and Samsung Biologics decreased 1.64 percent.

The local currency was trading at 1,338.45 won against the dollar at 9:15 a.m., up 7.55 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [[email protected]]