Stocks open lower following signs of cooling U.S. economy

Economy

Published: 17 Nov. 2023, 09:46 Updated: 17 Nov. 2023, 09:58

Stocks open lower following signs of cooling U.S. economy

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

Stocks opened lower Friday as investors sat on the sidelines as data cautiously raised speculation that the U.S. economy is cooling.

The Kospi fell 17.12 points, or 0.69 percent, to 2,471.06 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.13 percent, while the Nasdaq Composite edged up 0.07 percent.

Data showed that the unemployment benefit claims in the world's largest economy have reached the highest level in three months. The U.S. industrial output also shed 0.6 percent on-month in October.

In Seoul, Samsung Electronics fell 0.41 percent, and battery maker LG Energy Solution lost 2.26 percent.

Hyundai Motor fell 0.43 percent, and its smaller sister Kia shed 0.47 percent. Auto parts maker Hyundai Mobis decreased 1.08 percent.

The local currency was trading at 1,296.3 won against the U.S. dollar, up 0.6 won from the previous session's close.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]