Stocks open lower Wednesday before Jackson Hole

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Stocks open lower Wednesday before Jackson Hole

Published: 23 Aug. 2023, 09:44

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

Stocks opened lower Wednesday as investors take a wait-and-see approach ahead of U.S. chipmaker Nvidia's earnings results and the Jackson Hole Economic Symposium for hints on the monetary tightening policy moving forward.

The benchmark Kospi fell 5.0 points, or 0.2 percent, to 2,510.74 in the first 15 minutes of trading.

Wall Street closed mixed overnight, with the Dow Jones Industrial Average falling 0.51 percent but the tech-heavy Nasdaq Composite inching up 0.06 percent.

Nvidia's earnings results will likely have broader implications for stock markets as the tech stock accounts for more than 3 percent of the S&P 500, analysts said.

In Seoul, large-cap stocks were mixed across the board.

Samsung Electronics rose 0.2 percent, while SK hynix fell 1.1 percent.

Hyundai Motor declined 0.3 percent, and Kia shed 0.7 percent.

LG Energy Solution was down 0.7 percent, and Samsung SDI dropped 1.5 percent.

The local currency was trading at 1,338.65 won against the dollar at 9:15 a.m., up 3.15 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]