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Kospi opens lower as investors react to Fed's hawkish remarks

Published: 05 Apr. 2024, 11:40

LEE SOO-JUNG
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,742.00 points on Thursday, up 1.29 percent, or 35.03 points, from the previous trading session. [YONHAP]

Shares opened lower Friday as investors were disappointed with hawkish comments by Federal Reserve officials.

The Kospi fell 23.64 points, or 0.86 percent, to 2,718.36 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 1.35 percent to 38,596.98 points and the tech-heavy Nasdaq declined 1.4 percent to 16,049.08.

Fed officials said the U.S. central bank needs time to be confident on inflation before starting to cut rates and no rate cuts may be required this year unless inflation is in check.

In Seoul, tech, airline and energy stocks declined.

Samsung Electronics fell 0.8 percent and SK hynix declined 2.6 percent. Korean Air shed 0.7 percent and LG Energy Solution was down 1.2 percent.

Among gainers, Hyundai Motor rose 0.7 percent and Amorepacific climbed 1.1 percent. S-Oil jumped 5 percent.

The local currency was trading at 1,350.85 won against the dollar, up 3.75 won from the previous session's close.

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