Kospi drops 3.75% as major Seoul stocks slide

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Kospi drops 3.75% as major Seoul stocks slide

Published: 05 Aug. 2024, 10:01 Updated: 05 Aug. 2024, 10:39

CHO YONG-JUN
[email protected]

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

Stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a U.S. economic slowdown.

The benchmark Kospi fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading.

On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after U.S. unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy.

Moreover, the U.S. unemployment rate, released later Friday, marked 4.3 percent for July amid signs of an economic slowdown.

In Seoul, most shares started in negative territory.

Samsung Electronics tumbled 4.15 percent and SK hynix sank 2.77 percent.

Hyundai Motor slid 3.28 percent and Kia slumped 4.2 percent.

LG Energy Solution dropped 2.98 percent, and Hanwha Ocean plunged 7.53 percent.

The local currency was trading at 1,363.05 won against the dollar, up 8.15 won from the previous session's close.

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