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Stocks open higher as investors look for bargains

Published: 18 Jan. 2024, 09:48

PARK EUN-JEE
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Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Thursday. [NEWS1]

Korean stocks opened slightly higher Thursday as investors hunted for bargains following the recent extended losses amid dimmed prospects for the U.S. Federal Reserve's rate cuts.

The benchmark Kospi gained 5.91 points, or 0.24 percent, to 2,441.81 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average closed 0.25 percent lower, with the S&P 500 slipping 0.56 percent. The tech-heavy Nasdaq had decreased 0.59 percent.

The stronger-than-expected retail sales in the U.S. for December continued to weigh down investors' hope for an early rate cut by the Fed.

In Seoul, top tech giant Samsung Electronics moved up 0.28 percent, and No. 2 chipmaker SK hynix gained 0.38 percent.

Chemical shares traded higher, with LG Chem rising 0.12 percent and Amorepacific moving up 3.54 percent. Oil refiner SK Innovation added 0.17 percent.

Financial shares traded lower, with KB Financial decreasing 0.5 percent and Shinhan Financial sliding 0.41 percent. Kakao Bank moved down 0.69 percent.

The local currency was trading at 1,345.3 won against the U.S. dollar, down 1.1 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [[email protected]]