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After winning streak, Kospi dips following U.S. inflation

Published: 15 Mar. 2024, 11:29

KIM JI-YE
[email protected]

Screens in Hana Bank's trading room in central Seoul shows the stock market price after it closed on Thursday. [YONHAP]

Stocks opened lower on Friday, as investors locked in profits after a three-session winning streak.

The Kospi dropped 27.51 points, or 1.01 percent, to 2,691.25 in the first 15 minutes of trading.

Overnight, Wall Street lost ground after the February producer price index showed that U.S. inflation was hotter than expected.

The Dow Jones Industrial Average fell 0.4 percent, and the S&P 500 dropped 0.3 percent. The Nasdaq Composite also shed 0.3 percent.

In Seoul, blue chips retreated across the board, with Samsung Electronics down 1.75 percent and SK hynix shedding 1.24 percent.

Financial shares also faced corrections following strong gains in the past few sessions. KB Financial fell 2.8 percent, and Shinhan Financial slipped 1.75 percent.

Battery-related shares also declined amid lingering worries about the U.S. electric vehicle market outlooks. LG Energy Solution lost 3 percent, and Samsung SDI dropped 3.92 percent.

The local currency was trading at 1,326.60 won against the U.S. dollar, down 9 won from the previous session's close.

BY KIM JI-YE, YONHAP [[email protected]]