Kospi opens lower as Trump's comeback stirs U.S. policy concerns
Published: 07 Nov. 2024, 09:52
![A currency trader walks by the screens showing the Kospi and the foreign exchange rate between the U.S. dollar and Korean won at a foreign exchange dealing room in Seoul on Thursday. [AP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/11/07/c779faeb-5675-41af-aff9-8f74319e4fc4.jpg)
A currency trader walks by the screens showing the Kospi and the foreign exchange rate between the U.S. dollar and Korean won at a foreign exchange dealing room in Seoul on Thursday. [AP/YONHAP]
Korean stocks opened lower Thursday on concerns over a shift in U.S. trade and economic policies following former U.S. President Donald Trump's comeback.
The benchmark Kospi lost 8.27 points, or 0.32 percent, to 2,555.24 in the first 15 minutes of trading.
Overnight, major U.S. indexes closed at record highs after Trump won the 2024 U.S. presidential election as investors expected lower taxes and deregulation.
The Dow Jones Industrial Average jumped 3.5 percent, and the Nasdaq composite gained 2.95 percent.
In Seoul, however, major shares started in negative territory.
Carmaker Hyundai Motor declined 0.73 percent, and its sister company Kia also dipped 1.68 percent.
Leading battery maker LG Energy Solution fell 2.05 percent, and No. 1 oil refinery SK Innovation sank 3.01 percent.
But tech giant Samsung Electronics added 0.35 percent, and its chipmaking rival SK hynix gained 0.46 percent.
The local currency was trading at 1,399.3 won against the U.S. dollar, down 3.1 won from the previous session.
Yonhap
with the Korea JoongAng Daily
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