Seoul stocks open lower on chip losses
Korean stocks opened lower Thursday, dragged down by losses in chip-heavy stocks, following a three-day losing streak. After opening 0.34 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 26.3 points, or 0.38 percent, to 6,811.74 as of 9:15 a.m. Overnight, Wall Street ended mixed as cooler-than-expected inflation data was offset by persistent pressure from elevated U.S.…
Korean markets started lower on Thursday as chip-related stocks continued their decline, following a three-day downturn. The Korea Composite Stock Price Index (KOSPI) fell by 0.38 percent, or 26.3 points, to 6,811.74 by 9:15 a.m. The previous night, U.S. markets closed mixed due to lower-than-anticipated inflation data alongside ongoing influence from higher U.S. Treasury yields and surging oil prices.
The Dow Jones Industrial Average slipped 0.86 percent, while the S&P 500 decreased by 0.25 percent. Meanwhile, the tech-focused Nasdaq Composite Index managed a 0.24 percent increase.
Among major Korean companies, Samsung Electronics experienced a 0.28 percent decline, and chipmaker SK hynix dropped 0.11 percent. SK Square, the parent firm of SK hynix, plummeted 2.81 percent, and Samsung Electro-Mechanics, an electronics subsidiary of Samsung Electronics, saw a 2.05 percent reduction. The South Korean won was trading at 1,358.7 won per U.S. dollar, marking a 3 won decrease from the prior trading day's close.
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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