Seoul stocks open lower on profit-taking ahead of Nvidia earnings
Seoul stocks opened lower Monday, as investors sat on the sidelines ahead of major events, including the upcoming earnings release from U.S. chip giant Nvidia. The benchmark Korea Composite Stock Price Index (KOSPI) was down 0.73 percent, or 50.77 points, at 6,862.18 in the first 1 minute of trading. After closing above 6,900 points on Friday, the index lost ground as investors locked in gains…
Seoul's stock market began Monday on a downward trajectory, as traders refrained from trading activities in the lead-up to significant events. These included the forthcoming earnings disclosure from U.S. chip manufacturer Nvidia. The KOSPI, the primary benchmark for Korean stocks, experienced a decline of 0.73%, or 50.77 points, reaching 6,862.18 within the initial minute of trading.
The KOSPI had previously closed above 6,900 points on Friday, but subsequent losses were attributed to investors profiting from substantial-cap chip stocks. The anticipation surrounding Nvidia's earnings release was causing investors to closely scrutinize the potential influence on the artificial intelligence (AI) market.
While major stock indices on Wall Street had closed higher the previous week, despite an increase in U.S. government bond yields, attracting bargain hunters, the S&P 500 and the tech-forward Nasdaq both observed a 0.43% rise.
Furthermore, investors were keeping a watchful eye on the Jackson Hole meeting of the U.S. Federal Reserve and the upcoming policy meeting of the Bank of Korea this week. Market leaders experienced mixed performance. Samsung Electronics saw a 5.33% decrease, whereas its counterpart SK hynix gained 2.02%. Hyundai Motor, a leading automobile manufacturer, saw a modest increase of 0.24%.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
