Kospi opens lower as investors take profits despite Wall Street gains

Finance

Published: 17 Jul. 2024, 11:01

Kospi opens lower as investors take profits despite Wall Street gains

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Wednesday. [YONHAP]

Shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains.

The Kospi fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading.

Overnight, Wall Street shares rose on rising expectations for a rate cut by the U.S. Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 percent and 0.6 percent, respectively.

The Seoul stock market lost ground overall, led by tech and automotive losses.

Samsung Electronics shed 0.34 percent, and Hyundai Motor fell 1.09 percent.

Financial shares also retreated, with KB Financial and Shinhan Financial Group losing 0.71 percent and 0.76 percent, respectively.

SK Innovation, however, jumped 3.18 percent ahead of board meetings to determine the company's merger with group affiliate SK E&S to create a mega-sized energy company.

Shipbuilders also enjoyed brisk trading, with Samsung Heavy Industries surging 6.23 percent and HD Hyundai Heavy Industries climbing 1.31 percent.

The local currency was trading at 1,385.15 won against the dollar at 9:15 a.m., down 0.75 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]