Kospi opens lower as chipmakers lead declines over U.S. policy uncertainty

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Kospi opens lower as chipmakers lead declines over U.S. policy uncertainty

Published: 27 Nov. 2024, 11:12

A trading room in Hana Bank's trading room shows Kospi opening on Wednesday. [YONHAP]

Shares opened lower Wednesday, led by chipmakers, amid uncertainties surrounding the U.S. semiconductor policy under the new Donald Trump administration.

Kospi fell 6.59 points, or 0.26 percent, to 2,513.77 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.28 percent to a record high, and the tech-heavy Nasdaq composite added 0.63 percent. The S&P 500 increased 0.57 percent to a fresh high.

Market players worry that the incoming Trump administration will not provide subsidies to chipmakers investing in the United States, including Samsung Electronics and SK hynix.

Samsung Electronics dropped 2.57 percent, and No. 2 chipmaker SK hynix lost 2.54 percent.

LG Energy Solution added 0.86 percent, while Samsung SDI decreased 1.44 percent.

Carmakers started mixed, with Hyundai Motor adding 0.22 percent and Kia moving down 0.92 percent.

The local currency was trading at 1,395.5 won against the greenback as of 9:15 a.m., down 2.7 won from the previous session.

Yonhap