South Korean Stocks Open Lower Despite Overnight Gains on Wall Street

Strategic Insights -

South Korean stocks opened slightly lower on Friday, paring gains from recent sessions as investors took profits from their recent advances. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.3 points, or 0.04 percent, to 3,460.0 in the first 15 minutes of trading. The decline came despite overnight gains on Wall Street, where the Dow Jones Industrial Average, S and P 500, and Nasdaq Composite all posted gains, with the Nasdaq Composite adding 0.94 percent.

Key Takeaways:

  • The Korea Composite Stock Price Index (KOSPI) shed 1.3 points, or 0.04 percent, to 3,460.0 in the first 15 minutes of trading.
  • Top-cap shares in Seoul opened lower, with Samsung Electronics falling 0.25 percent, LG Energy Solution shedding 0.71 percent, and Samsung Biologics sliding 0.68 percent.
  • Chip giant SK hynix rose 0.28 percent, while automakers Hyundai Motor and Kia Motor opened lower, with Hyundai Motor sinking 0.92 percent.
  • The local currency, the South Korean won, was trading at 1,391.45 won against the greenback, down 3.65 won from the previous session.
  • The decline in the KOSPI came despite overnight gains on Wall Street, where the Dow Jones Industrial Average, S and P 500, and Nasdaq Composite all posted gains, with the Nasdaq Composite adding 0.94 percent.

Statistics:

  • The KOSPI shed 1.3 points, or 0.04 percent, to 3,460.0 in the first 15 minutes of trading.
  • Samsung Electronics fell 0.25 percent.
  • LG Energy Solution shed 0.71 percent.
  • SK hynix rose 0.28 percent.
  • Hyundai Motor sank 0.92 percent.
  • Kia Motor opened 0.29 percent lower.
  • The local currency, the South Korean won, was trading at 1,391.45 won against the greenback, down 3.65 won from the previous session.
  • The Dow Jones Industrial Average rose 0.27 percent overnight.
  • The S and P 500 advanced 0.48 percent.
  • The Nasdaq Composite added 0.94 percent.

Sources:

  • Yonhap News Agency
  • Korea Composite Stock Price Index (KOSPI)
  • Dow Jones Industrial Average
  • S and P 500
  • Nasdaq Composite
  • Federal Reserve