Shares open lower on Wall Street losses

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Shares open lower on Wall Street losses

Published: 07 Dec. 2023, 09:49

KIM JU-YEON
[email protected]

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

Shares got off to a weak start Thursday as tech shares took a cue from Wall Street's overnight losses.

The Kospi retreated 8.91 points, or 0.36 percent, to 2,486.47 in the first 15 minutes of trading.

Overnight, all three major U.S. indexes lost ground despite jobs data that reinforced expectations the U.S. Federal Reserve may start cutting its rates early next year.

AI chip leader Nvidia sank 2.3 percent, while Microsoft and Amazon lost more than 1 percent.

In Seoul, semiconductor and tech shares dragged down the Kospi.

Samsung Electronics fell 0.28 percent, while SK hynix gained 0.72 percent.

For battery makers, LG Energy Solution decreased 0.59 percent, while Samsung SDI and Posco Future M added 0.81 percent and 3.14 percent, respectively.

Auto and IT stocks also lost ground.

Hyundai Motor retreated 0.66 percent, and Kia dropped 1.18 percent.

Naver also dipped 1.17 percent, and Kakao pulled back 0.59 percent.

Bio shares also started in negative territory, with Samsung Biologics dropping 0.57 percent and Celltrion falling 1.5 percent.

The local currency was trading at 1,317.50 won against the dollar, up 4.4 won from the previous session's close.

BY KIM JU-YEON, YONHAP [[email protected]]