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Kospi opens lower as investors await U.S. economic data

Published: 27 Feb. 2024, 10:25

LEE SOO-JUNG
[email protected]

Screens in Hana Bank's trading room in central Seoul shows the stock market price as it opens on Tuesday. [YONHAP]

Stocks started lower Tuesday as investors took a cautious approach ahead of major U.S. economic data releases later this week, including the Federal Reserve's preferred measure of inflation.

The Kospi dropped 4.77 points, or 0.18 percent, to 2,642.31 in the first 15 minutes of trading.

Overnight, the U.S. stock market closed lower on profit-taking following a rally last week.

Investors were also taking a wait-and-see approach ahead of the release of the core personal consumption expenditures price index Thursday, which is closely monitored by the Fed.

In Seoul, big-cap shares started mixed.

Samsung Electronics gained 0.27 percent, while SK hynix slid 2.41 percent.

LG Energy Solution rose 1.1 percent. Posco Future M jumped 1.57 percent, while Samsung SDI retreated 0.38 percent.

Hyundai Motor increased 0.21 percent. Kia climbed 0.26 percent.

LG Chem advanced 1.9 percent.

The local currency was trading at 1,332.40 won against the dollar, up 1.3 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [[email protected]]