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Kospi edges up despite Wall Street losses, Powell's gloomy outlook

Published: 17 Apr. 2025, 10:53

The Kospi is seen on a screen in a dealing room at Hana Bank in central Seoul on April 17. [YONHAP]

Korean stocks started slightly higher Thursday despite losses on Wall Street, driven by Federal Reserve Chair Jerome Powell's pessimistic comments on economic growth.

The Kospi rose 9.85 points, or 0.4 percent, to 2,457.28 in the first 15 minutes of trading.

Overnight, Wall Street closed sharply lower after Powell said higher-than-expected tariffs would lead to higher inflation and slower growth and remained firm about a possible rate movement.

The Dow Jones Industrial Average fell 1.73 percent, and the Nasdaq composite lost 3.07 percent.

In Seoul, major shares traded in mixed territory.

Samsung Electronics rose 0.37 percent, but its chipmaking rival SK hynix fell 0.52 percent.

Carmaker Hyundai Motor advanced 0.83 percent, but its auto parts affiliate Hyundai Mobis dropped 0.21 percent.

Major shipyard HD Korea Shipbuilding & Offshore Engineering increased 1.33 percent, and biotech firm Samsung Biologics climbed 0.78 percent.

Mobile carrier SK Telecom fell 0.52 percent, and leading retailer Lotte Shopping retreated 0.16 percent.

The local currency was trading at 1,419.2 won against the dollar at 9:15 a.m., up 7.5 won from the previous session.

Yonhap