Seoul stocks open tad lower despite Wall Street gains
Korean stocks opened lower Monday despite Wall Street's advance, as hopes for a diplomatic breakthrough in the Iran conflict pushed oil prices lower. The benchmark Korea Composite Stock Price Index (KOSPI) fell 40.16 points, or 0.47 percent, to 7,040.76 as of 9:15 a.m. The KOSPI extended its winning streak to a fourth session Wednesday and was closed Thursday and Friday for the Chuseok holiday,…
On Monday, Korean stocks opened slightly lower despite a rise on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 40.16 points, or 0.47%, to 7,040.76 by 9:15 a.m. The KOSPI had been on a winning streak for four days, but was closed for Chuseok holiday, Korea's Thanksgiving. U.S. stocks ended the day higher on Friday, with technology and industrial companies driving the gains.
The Dow Jones Industrial Average rose 0.93%, the S&P 500 gained 0.51%, and the tech-heavy Nasdaq Composite Index advanced 0.48%.
Brent crude settled near $104 a barrel following reports that Iran had proposed a plan to resolve the conflict. However, in Seoul, most major market players had mixed results. Samsung Electronics, the top market cap company, fell 1.14%, while chip giant SK hynix dropped 2.63%. SK Square, the parent company of SK hynix, saw a decline of 3.36%. In contrast, Samsung Electro-Mechanics, an electronics component subsidiary of Samsung Electronics, showed a different trend.
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.
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