Kospi opens lower over Fed rate cut concerns

Home > Business > Finance

Kospi opens lower over Fed rate cut concerns

Published: 24 Oct. 2024, 11:50

KIM JU-YEON
[email protected]

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

Shares opened lower Thursday, tracking losses on Wall Street amid concerns over a slower pace of the U.S. Federal Reserve's rate cuts.

The Kospi fell 8.92 points, or 0.34 percent, to 2,590.70 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.96 percent to 42,514.95, while the tech-heavy Nasdaq composite declined 1.6 percent to 18,276.65.

In Seoul, large-cap stocks were mixed.

Samsung Electronics fell 2 percent, chipmaker SK hynix declined 1.5 percent, carmaker Hyundai Motor shed 1.5 percent and state-run Korea Gas was down 1.1 percent.

Among gainers, battery maker LG Energy Solution rose 2.5 percent, refiner SK Innovation climbed 0.9 percent and national flag carrier Korean Air gained 0.2 percent.

The local currency was trading at 1,381.50 won against the dollar, down 0.7 won from the previous session.

BY KIM JU-YEON, YONHAP [[email protected]]