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Stocks open lower Tuesday despite Wall Street gains

Published: 26 Sep. 2023, 10:41

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Monday. [NEWS1]

Stocks opened lower Tuesday, bucking gains on the Wall Street overnight. Large-cap began in negative territory across the board.

The benchmark Kospi shed 13.20 points, or 0.53 percent, to 2,482.56 in the first 15 minutes of trading.

Kospi down for third session to close lowest since May 17

Overnight, U.S. shares rose following recent sharp losses as the Federal Reserve signaled higher borrowing rates for longer to curb inflation, sending bond yields higher.

The Dow Jones Industrial Average inched up 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.45 percent.

In Seoul, most top-cap shares opened lower.

Samsung Electronics lost 0.58 percent, and SK hynix retreated 1.03 percent,

LG Energy Solution fell 0.63 percent, and Samsung SDI inched down 0.19 percent. LG Chem decreased 0.18 percent.

Carmakers also fell, with Hyundai Motor sinking 0.98 percent and Kia going down 0.97 percent.

Samsung Biologics dropped 1.01 percent, and Naver decreased 0.73 percent.

The local currency was trading at 1,338.95 won against the dollar at 9:15 a.m., up 2.45 won from the previous session's close.

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