Kospi opens lower despite Wall Street gains

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Kospi opens lower despite Wall Street gains

Published: 08 Apr. 2024, 10:30

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

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

Stocks opened lower Monday despite Wall Street gains backed by stronger-than-expected U.S. jobs data.

The Kospi dropped 6.29 points, or 0.23 percent, to 2,707.92 in the first 15 minutes of trading.

On Friday (U.S. time), data showed that the U.S. posted the biggest job growth in almost a year in March, indicating a strong economy.

Even though the strong labor market may mean interest rates may stay elevated for longer, Wall Street closed higher on the belief the U.S. economy will continue to be resilient.

Investors' eyes are now on the U.S. inflation data set to be released later this week, which will give further clues as to when the Federal Reserve will start cutting its rates.

In Seoul, Samsung Electronics rose 1.07 percent, while SK hynix retreated 0.44 percent.

LG Energy Solution plunged 4.12 percent, tracking a slide in Tesla's shares.

Samsung SDI and Posco Future M also lost 2.73 percent and 3 percent, respectively.

But auto shares started on a strong note, with Hyundai Motor up 3.1 percent and Kia up 3.33 percent.

The local currency was trading at 1,354.60 won against the dollar, up 1.80 won from the previous session's close.

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