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지나쌤

Seoul shares open lower despite US gains

By Yonhap

Published : April 8, 2024 - 09:39

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

South Korean stocks opened lower Monday despite Wall Street gains backed by stronger-than-expected US jobs data.

The benchmark Korea Composite Stock Price Index dropped 6.29 points, or 0.23 percent, to 2,707.92 in the first 15 minutes of trading.

On Friday, data showed that the US posted the biggest job growth in almost a year in March, indicating a strong economy.

Even though the strong labor market may mean interest rates may stay elevated for longer, Wall Street closed higher on the belief the US economy will continue to be resilient.

Investors' eyes are now on the US inflation data set to be released later this week, which will give further clues to when the Federal Reserve will start cutting its rates.

In Seoul, market bellwether Samsung Electronics rose 1.07 percent, while No. 2 chipmaker SK hynix retreated 0.44 percent.

Leading battery maker LG Energy Solution plunged 4.12 percent, tracking a slide in Tesla's shares.

Samsung SDI and Posco Future M also lost 2.73 percent and 3 percent, respectively.

But auto shares started off on a strong note, with Hyundai Motor up 3.1 percent and Kia up 3.33 percent.

The local currency was trading at 1,354.60 won against the dollar, down 1.80 won from the previous session's close. (Yonhap)