Kospi opens higher as investor pick up bargains after recent dip

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Kospi opens higher as investor pick up bargains after recent dip

Published: 05 Sep. 2024, 10:42

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

Shares opened higher Thursday as investors sought to pick up blue chip bargains, one day after the local market plunged by more than 3 percent on U.S. woes.

The Kospi added 21.63 points, or 0.84 percent, to 2,602.43 in the first 15 minutes of trading.

The index had dipped 3.15 percent the previous day on growing concerns of a U.S. economic slowdown following a worse-than-expected manufacturing purchasing managers index for August.

U.S. stocks closed mixed overnight. The Dow Jones Industrial Average inched up 0.09 percent, following its 1.51 percent plunge the previous day, while the tech-heavy Nasdaq fell for a second consecutive session by dipping 0.30 percent.

In Seoul, large caps traded mixed.

Samsung Electronics gained 1.14 percent, with SK hynix surging 3.10 percent.

Carmakers Hyundai Motor and Kia Motors added 0.65 percent and 0.70 percent, respectively, while battery maker LG Energy Solution advanced 0.63 percent.

The local currency was trading at 1,335.65 won against the dollar, down 6.55 won from the previous session.

BY YOON SEUNG-JIN, YONHAP [[email protected]]