Kospi rebounds as investors snap up tech and auto bargains

Finance

Kospi rebounds as investors snap up tech and auto bargains

Published: 30 Aug. 2024, 10:43

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

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

Shares opened higher Friday as investors picked up tech, auto and other blue chip bargains following losses in the previous session.

The benchmark Kospi gained 13.53 points, or 0.51 percent, to reach 2,675.81 in the first 15 minutes of trading.

Overnight, U.S. stocks ended mixed after experiencing rollercoaster-like volatility amid differing views on Nvidia's earnings, with some expressing disappointment while others saw the results as alleviating uncertainty in the market.

The Dow Jones Industrial Average rose 0.59 percent, with the S&P 500 ending flat. The tech-heavy Nasdaq composite slipped 0.23 percent higher as well.

In Seoul, Samsung Electronics and SK hynix rose 0.81 percent and 0.53 percent, respectively, following steep losses in the previous session following Nvidia's earnings announcement.

Automotive and bio shares also gained traction.

Hyundai Motor rose 1.55 percent, and Samsung Biologics added 0.52 percent.

Battery makers, however, retreated after recording gains in the past few sessions as LG Energy Solution shed 0.64 percent.

The local currency was trading at 1,334.25 won against the U.S. dollar, up 1.05 won from the previous session.

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