Kospi dips as blue chip stocks struggle

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Kospi dips as blue chip stocks struggle

Published: 22 Jul. 2024, 10:19

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,795.46 points on Friday. [NEWS1]

Shares started lower Monday as most blue chips across the board retreated, led by battery and energy-related stock losses.

The benchmark Kospi dipped 5.57 points, or 0.2 percent, to 2,789.89 in the first 15 minutes of trading.

Battery firm LG Energy Solution dropped 2.75 percent following news that it has recently suspended construction of its joint U.S. plant with General Motors amid stagnation in the growth of the EV market. Samsung SDI also tumbled 1.68 percent.

Energy-related stocks also underwent weaker trading. SK Innovation fell 1.25 percent, and LG Chem declined 1.95 percent.

Samsung Electronics, however, inched up 0.12 percent, while Hyundai Motor and Kia added 0.58 percent and 0.34 percent, respectively.

The local currency was trading at 1,387.25 won against the dollar at 9:15 a.m., up 0.55 won from the previous session's close.

BY CHO YONG-JUN, YONHAP [[email protected]]