Kospi opens lower following Wall Street losses

Finance

Published: 03 Apr. 2024, 11:10

Kospi opens lower following Wall Street losses

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Wednesday. [YONHAP]

Shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust U.S. manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being.

The Kospi fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45.

In Seoul, large-cap stocks declined across the board.

Samsung Electronics fell 0.7 percent and SK hynix declined 2.7 percent.

Hyundai Motor shed 0.7 percent and LG Energy Solution was down 2.9 percent.

Among gainers, HD Hyundai, rose 0.4 percent on increased ship orders by its affiliates, HMM climbed 2.1 percent and S-Oil was up 0.5 percent.

The local currency was trading at 1,348.85 won against the dollar, down 3.25 won from the previous session's close.

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