Stocks open lower after European markets end lower

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Stocks open lower after European markets end lower

Published: 16 Jan. 2024, 09:38

KIM JU-YEON
[email protected]

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

Shares opened lower Tuesday, tracking overnight losses on the European stock market.

The benchmark Kospi lost 4.37 points, or 0.17 percent, to 2,521.62 in the first 15 minutes of trading.

While Wall Street was closed, European stocks declined due to contraction in the German economy and hawkish comments by the European Central Bank officials.

In Seoul, big-cap shares started mixed.

Samsung Electronics fell 0.41 percent, and SK hynix declined 0.67 percent.

Hyundai Motor dropped 0.32 percent, and Kia lost 0.66 percent.

But battery and IT shares got off to a strong start.

LG Energy Solution gained 0.38 percent, Samsung SDI jumped 1 percent, and Posco Future M rose 0.33 percent. Ecopro soared 1.85 percent.

Naver climbed 1.09 percent, and Kakao advanced 0.65 percent.

Bio shares were mixed, with Samsung Biologics down 0.13 percent and Celltrion up 0.96 percent.

The local currency was trading at 1,322.60 won against the dollar, up 2.4 won from the previous session's close.

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