Kospi opens lower as auto and financial shares weigh on gains

Home > Business > Finance

Kospi opens lower as auto and financial shares weigh on gains

Published: 26 Nov. 2024, 09:49

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

Shares opened lower Tuesday, despite overnight U.S. rallies, led by losses in auto and financial shares.

The Kospi shed 11.04 points, or 0.44 percent, to 2,523.30 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average surged 0.99 percent to a record high and the Nasdaq composite rose 0.27 percent, as investors welcomed Trump's nomination of Scott Bessent as his treasury secretary in the hope that he would guide the economy without causing inflation, according to experts.

Big-cap tech shares opened mixed.

Samsung Electronics rose 0.69 percent, while SK hynix went down 0.34 percent.

LG Energy Solution lost 0.24 percent, but LG Chem grew 0.49 percent.

Carmakers opened lower as Hyundai Motor slid 0.68 and its sister affiliate Kia sank 1.13 percent.

KB Financial Group dropped 2.96 percent, and Shinhan Financial Group sank 3.01 percent.

But Posco Holdings added 0.83 percent, and Naver inched up 0.05 percent.

The local currency had been trading at 1,407.0 won against the greenback as of 9:15 a.m., up 4.8 won from the previous session.

Yonhap