Kospi drops more than 1% as U.S. recession fears continue

Finance

Kospi drops more than 1% as U.S. recession fears continue

Published: 08 Aug. 2024, 10:02

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul on Thursday. [YONHAP]

Stocks started lower Thursday amid lingering fears about a U.S. recession.

The benchmark Kospi lost 28.7 points, or 1.12 percent, to 2,539.71 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.6 percent and the Nasdaq composite dropped 1.05 percent as investors were still worried about a possible U.S. recession and the sluggish performance of Big Tech companies.

The Kospi has risen for two straight sessions after plunging nearly nine percent Monday due to massive sell-offs.

In Seoul, large-cap shares led the weak opening.

Samsung Electronics decreased 1.74 percent and SK hynix sank 3.66 percent.

Hyundai Motor dipped 1.27 percent and Hyundai Mobis went down 0.94 percent.

Bank shares were bearish as KB Financial Group dropped 0.25 percent and Shinhan Financial Group skidded 0.56 percent.

The local currency was trading at 1,377.95 won against the dollar, up 1.15 won from the previous session's close.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]