Kospi opens lower as investors cash in on recent profits

Finance

Kospi opens lower as investors cash in on recent profits

Published: 23 Aug. 2024, 10:45

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

Shares opened lower Friday after three consecutive sessions of gains as investors cashed in profits ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium.

The benchmark Kospi fell 10.91 points, or 0.4 percent, to 2,696.76 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average closed 0.43 percent lower, with the S&P 500 falling 0.89 percent. The tech-heavy Nasdaq composite decreased 1.67 percent as well.

Powell is to deliver a speech at the Jackson Hole meeting on Friday (U.S. time), which will give clues on the Fed's monetary policy direction.

In Seoul, Samsung Electronics fell 0.51 percent, and chipmaker SK hynix lost 1.73 percent.

Battery maker LG Energy Solution added 0.41 percent, while Samsung SDI slid 0.15 percent.

Pharmaceutical firms started higher, with Samsung Biologics rising 0.1 percent and Yuhan climbing 0.73 percent.

The local currency was trading at 1,342 won against the dollar, up 7.3 won from the previous session's close.

BY YOON SEUNG-JIN, YONHAP [yoon.seungjin@joongang.co.kr]