Kospi dips as big-cap tech leads declines over slowdown worries

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Kospi dips as big-cap tech leads declines over slowdown worries

Published: 29 Nov. 2024, 10:08

A trading room in Hana Bank in central Seoul shows Kopsi opening on Nov. 26. [YONHAP]

Shares opened lower Friday, led by declines in big-cap tech shares amid concerns about an economic slowdown.

The Kopsi shed 32.29 points, or 1.29 percent, to 2,472.38 in the first 15 minutes of trading.

The country's industrial output, retail sales and facility investment all fell on month in October, deepening concerns about a lack of growth momentum, government data showed.

Presenting a bleak growth outlook for 2025, the Bank of Korea on Thursday unexpectedly slashed its key rate by a quarter percentage point to 3.0 percent.

Samsung Electronics fell 1.8 percent, and SK hynix lost 0.68 percent.

LG Energy Solution sank 2.61 percent, and LG Chem dropped 3.28 percent.

Carmakers opened lower, as Hyundai Motor decreased 0.23 percent and its sister affiliate Kia tumbled 1.89 percent.

Posco Holdings slid 2.54 percent, and Naver dived 1.47 percent.

Financials were under heavy downward pressure. KB Financial Group dropped 1.63 percent and Shinhan Financial Group declined 1.12 percent.

The local currency was trading at 1,394.35 won against the greenback at 9:15 a.m., down 1.25 won from the previous session.

U.S. markets were closed Thursday for Thanksgiving.

Yonhap