(LEAD) Seoul stocks open lower despite U.S. rally

Seoul stocks began the day lower on Friday, moving against overnight gains on Wall Street, as investors remained cautious ahead of the upcoming Jackson Hall meeting. The Korea Composite Stock Price Index (KOSPI) started the day down 65.83 points, or 0.95 percent, at 6,846.54. The U.S. market had previously seen an increase, with the S&P 500 gaining 0.72 percent and the tech-focused Nasdaq rising 1.57 percent, driven mainly by tech companies related to artificial intelligence (AI), such as Nvidia, which saw significant gains following strong earnings.

Federal Reserve Chair Kevin Warsh was scheduled to give his first major speech as head of the central bank later in the day during the Jackson Hole symposium, with market observers closely watching whether the KOSPI could reach 7,000 points. In Seoul, most large-cap stocks were trading down, with Samsung Electronics falling 1.5 percent, SK hynix dropping 1.79 percent, Samsung Biologics declining 5.9 percent after announcing a rights offering, Hanwha Aerospace sliding 1.48 percent, KB Financial sinking 0.89 percent, and shipper HD Hyundai Heavy Industries gaining only 0.96 percent. The Korean won was worth 1,380.7 won per U.S. dollar, up 0.8 won from the previous trading session.