Stocks open lower on chip, battery losses

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Stocks open lower on chip, battery losses

Published: 01 Dec. 2023, 10:11 Updated: 01 Dec. 2023, 15:25

SEO JI-EUN
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Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Thursday. [YONHAP]

Korean stocks opened sharply lower Friday, led by losses from chip and battery shares, bucking overnight gains on Wall Street.

The Kospi lost 24.49 points, or 0.97 percent, to fall to 2,510.8 in the first 15 minutes of trading.

The U.S. stocks continued their November rally on optimism that the U.S. Federal Reserve is set to end its hawkish mode. The Dow Jones Industrial Average jumped 1.5 percent, and the S&P 500 gained 0.4 percent.

In Seoul, Samsung Electronics fell 1.1 percent, and its chipmaking rival SK hynix retreated 1.34 percent.

LG Energy Solution, a battery maker and the second-biggest market cap on the main bourse tumbled 4.95 percent, and Samsung SDI sank 3.92 percent.

Carmakers were also bearish, with Hyundai Motor declining 1.03 percent and its sister Kia dropping 1.4 percent.

The local currency was trading at 1,298.5 won against the dollar, down 8.5 won from the previous session's close.

BY SEO JI-EUN, YONHAP [[email protected]]