Korean shares slip on tech despite Wall Street gains after U.S. growth report

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Korean shares slip on tech despite Wall Street gains after U.S. growth report

Published: 26 Jan. 2024, 10:06

SEO JI-EUN
[email protected]

Screens in Hana Bank's trading room in central Seoul show the Kospi being traded at 2,464.65 points on Friday, down 0.23 percent, or 5.69 points, from the previous trading session. [YONHAP]

Shares opened lower Friday on tech losses despite overnight gains on Wall Street after reports indicated the U.S. economy remains stronger than expected.

The Kospi fell 0.06 percent, or 1.44 points, to 2,468.90 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.6 percent to 38,049.13, and the tech-heavy Nasdaq climbed 0.2 percent to 15,510.50.

The U.S. economy grew at an estimated 3.3 percent in the fourth quarter of 2023, higher than the 1.8 percent growth outlook by market players.

In Seoul, tech stocks were lead decliners.

Samsung Electronics fell 0.7 percent, chipmaker SK hynix declined 0.4 percent, home appliance maker LG Electronics shed 1.1 percent and carmaker Hyundai Motor shed 1 percent.

Among gainers, car battery maker LG Energy Solution rose 0.3 percent, LG Chem jumped 3.5 percent and refiner SK Innovation gained 1.8 percent.

The local currency was trading at 1,339.05 won against the dollar, down 3.25 won from the previous session's close.

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