Kospi starts strong, following Wall Street's lead

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Kospi starts strong, following Wall Street's lead

Published: 03 May. 2024, 10:11 Updated: 03 May. 2024, 10:59

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

Shares opened higher Friday, tracking overnight gains on Wall Street.

The Kospi added 14.63 points, or 0.55 percent, to 2,698.28 in the first 15 minutes of trading.

The Dow Jones Industrial Average closed 0.85 percent higher Thursday (U.S. time), while the Nasdaq rose 1.51 percent on dovish remarks from U.S. Federal Reserve Chair Jerome Powell suggesting there will unlikely be a rate hike in the near future.

In Seoul, most large caps were in positive terrain.

Samsung Electronics gained 0.51 percent, with its SK hynix surging 1.38 percent.

Naver soared 1.85 percent following better-than-expected first-quarter earnings, while LG Energy Solution advanced 0.39 percent.

Hyundai Motor slipped 0.20 percent, with Kia retreating 0.42 percent.

The local currency was trading at 1,369.15 won against dollar, down 6.75 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [[email protected]]