Kospi inches up at open ahead of key U.S. economic data

Finance

Kospi inches up at open ahead of key U.S. economic data

Published: 13 Aug. 2024, 11:04 Updated: 13 Aug. 2024, 12:52

SHIN HA-NEE
shin.hanee@joongang.co.kr

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

Stocks are trading largely sideways on Tuesday after opening slightly higher, as investors are awaiting the release of major U.S. economic data due later this week.

The Kospi rose 5.8 points, or 0.22 percent, to 2,624.10 in the first 15 minutes of trading.

Overnight, major U.S. indexes finished mixed, with the S&P 500 almost unchanged, the Dow Jones Industrial Average down 0.4 percent and the tech-heavy Nasdaq composite up 0.2 percent.

Investors' eyes are on the U.S. consumer price index and retail sales data to be released consecutively starting Wednesday, which will give further clues on whether the world's biggest economy will likely face a recession.

Samsung Electronics increased 0.93 percent, and its chipmaking rival SK hynix jumped 2.37 percent, tracking U.S. AI chip giant Nvidia's gain overnight.

On the other hand, battery maker LG Energy Solution dropped 1.22 percent, and its smaller rival Samsung SDI slid 2.03 percent.

Major bio firms Samsung Biologics and Celltrion lost 1.26 percent and 1.75 percent, respectively.

The local currency was trading at 1,370.60 won against the dollar, up 1.4 won from the previous session's close.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]