Kospi opens lower as U.S. data falls slightly short

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Kospi opens lower as U.S. data falls slightly short

Published: 29 Feb. 2024, 11:44

LEE SOO-JUNG
lee.soojung1@joongang.co.kr

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

Stocks started lower Thursday tracking overnight losses from Wall Street, as the U.S.' fourth-quarter economic growth was slower than earlier estimated.

The Kospi fell 20.49 points, or 0.77 percent, to 2,631.8 in the first 15 minutes of trading.

Overnight, the U.S. stock market closed weaker, with the Dow Jones Industrial Average falling 0.06 percent and the tech-heavy Nasdaq composite losing 0.55 percent.

The U.S. economy expanded 3.2 percent in the fourth quarter, slightly down from an earlier estimate of 3.3 percent.

In Seoul, Samsung Electronics dropped 1.23 percent and SK hynix shed 1.33 percent.

Naver decreased 2.5 percent and Kakao shed 2.52 percent.

Samsung C&T moved up 0.26 percent, while Posco International lost 0.71 percent.

The local currency was trading at 1,334.7 won against the dollar, up 1.1 won from the previous session's close.

The local financial market will be closed Friday for the March 1 Independence Movement Day.

BY LEE SOO-JUNG, YONHAP [lee.soojung1@joongang.co.kr]