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Kospi opens lower as weak U.S. economic data weighs on sentiment

Published: 13 Dec. 2024, 10:03

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

Shares opened slightly lower Friday, tracking overnight losses on Wall Street from discouraging U.S. economic data.

The Kospi fell 1.66 points, or 0.07 percent, to 2,480.46 in the first 15 minutes of trading.

Overnight, U.S. stocks fell due to inflation concerns as U.S. wholesale prices accelerated in November, coupled with higher-than-expected initial jobless claims.

The tech-heavy Nasdaq composite dropped 0.66 percent, and the S&P fell 0.54 percent. The Dow Jones Industrial Average edged down 0.53 percent.

In Seoul, most large caps lost ground, with SK hynix down 0.74 percent and LG Energy Solution slumping 3.09 percent.

Financial and shipbuilding shares also retreated. KB Financial went down 1.15 percent, while Hanwha Ocean dropped 1.81 percent.

Market heavyweight Samsung Electronics, however, managed to add 0.72 percent. Naver also gained 0.48 percent.

The local currency was trading at 1,432.95 won against the U.S. dollar at 9:15 a.m., up 1.05 won from the previous session.

Yonhap