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Kospi opens lower as semiconductor and auto shares see profit-taking

Published: 13 Jan. 2025, 09:55

A screen in Korea Exchange in western Seoul shows the Kospi opening on Monday. [YONHAP]

Shares opened lower Monday due to losses in semiconductor and auto shares on profit taking.

The Kospi shed 7.96 points, or 0.32 percent, to 2,507.82 in the first 15 minutes of trading.

Foreign and institutional investors sold shares, offsetting retail buying.

On Friday, U.S. shares plunged as a better-than-expected jobs report dashed hope for further rate cuts by the Federal Reserve. The Dow Jones Industrial Average and the tech-heavy Nasdaq composite dipped 1.63 percent each.

In Seoul, Samsung Electronics fell 0.9 percent and SK hynix dipped 1.23 percent.

LG Energy Solution inched down 0.14 percent, while LG Chem lost 1.02 percent.

Hyundai Motor sank 1.77 percent and Kia slid 0.85 percent.

Naver remained flat, while Posco Holdings decreased 0.76 percent.

But major bio shares gathered ground. Samsung Biologics surged 3.4 percent, and Celltrion inched up 0.16 percent.

The local currency was trading at 1,473.2 won against the greenback at 9:15 a.m., up 8.2 won from the previous session.

Yonhap