Kospi opens lower as large caps struggle

Finance

Kospi opens lower as large caps struggle

Published: 02 Sep. 2024, 10:37

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

Shares opened lower Monday with most large caps in negative terrain.

The Kospi Index shed 7.73 points, or 0.29 percent, to 2,666.58 in the first 15 minutes of trading.

The index had dipped more than 1 percent Thursday on reports of a worse-than-anticipated performance by AI company Nvidia, before slightly rebounding on bargain hunting the following day.

U.S. stocks closed higher Friday on growing hopes of a U.S. rate cut, with the U.S. Federal Reserve scheduled to hold its rate-setting meeting on Sept. 17 and 18 (U.S. time).

In Seoul, most large caps were down, with tech and auto shares suffering heavy losses.

Samsung Electronics slipped 0.54 percent, while the chipmaker SK hynix plunged 2.71 percent.

Portal operator Naver lost 1.66 percent, with pharmaceutical company Celltrion dipping 0.99 percent.

Automaker Hyundai Motor plummeted 3.13 percent, while its affiliate Kia Motors retreated 0.09 percent.

The local currency was trading at 1,338.35 won against the dollar, up 2.35 won from the previous session.

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