Kospi ticks up 0.6% after U.S. retail sales fall

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Kospi ticks up 0.6% after U.S. retail sales fall

Published: 16 Feb. 2024, 10:04

SEO JI-EUN
seo.jieun1@joongang.co.kr

Screen in Hana Bank's trading room in central Seoul shows stock markets open on Friday. [YONHAP]

Shares opened higher on Friday, tracking overnight gains on Wall Street after U.S. retail sales fell by a wider margin than expected, reviving hopes for Federal Reserve rate cuts.

The Kospi gained 15.78 points, or 0.6 percent, to 2,629.58 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average moved up 0.91 percent, with the tech-heavy Nasdaq climbing 0.3 percent.

The rise came after U.S. retail sales for January fell 0.8 percent on-month, sharper than the market's expectations.

In Seoul, battery maker LG Energy Solution advanced 2.91 percent, while tech giant Samsung Electronics moved down 0.55 percent.

Financial firms gained ground, with Shinhan Financial moving up 1.98 percent and Kakao Bank jumping 1.34 percent.

LG Chemical increased 2.28 percent, and top oil refiner SK Innovation added 0.29 percent.

The local currency was trading at 1,330.8 won against the dollar, up 3.2 won from the previous session's close.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]