Kospi opens 1.12% lower after rocky day on Wall Street

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Kospi opens 1.12% lower after rocky day on Wall Street

Published: 16 Oct. 2024, 11:58

KIM JU-YEON
kim.juyeon2@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Wednesday. [NEWS1]

Shares started sharply lower on Wednesday, tracking overnight losses on Wall Street.

The Kospi lost 29.41 points, or 1.12 percent, to 2,604.04 in the first 15 minutes of trading.

Overnight, U.S. stocks closed sharply lower due to poorer-than-expected earnings outlooks of chip equipment maker ASML Holdings.

The Dow Jones Industrial Average fell 0.75 percent, and the tech-heavy Nasdaq composite tumbled 1.01 percent.

In Seoul, most shares opened weaker across the board.

Samsung Electronics, the world's largest memory chipmaker, sank 2.46 percent, and its chipmaking rival SK hynix slumped 4.2 percent.

Banking shares of KB Financial Group and Shinhan Financial Group declined 1.05 percent and 1.38 percent, respectively.

Retailer Lotte Shopping decreased 0.63 percent, and entertainment giant CJ ENM fell 2.03 percent.

The local currency was trading at 1,366.15 won against the dollar, up 4.85 won from the previous session.

BY KIM JU-YEON, YONHAP