SEOUL (ANN/THE KOREA HERALD) – South Korean stocks saw a modest decline at Tuesday’s opening, despite positive performance on Wall Street overnight. In the first 15 minutes of trading, the benchmark Korea Composite Stock Price Index (KOSPI) dropped by 7.76 points, or 0.28 per cent, settling at 2,796.55.
Wall Street’s modest gains came as investors awaited crucial US labour market data and the Federal Reserve’s minutes, both expected later this week, for insights on the future direction of interest rates. The Dow Jones Industrial Average saw a slight increase of 0.13 percent, while the tech-focused Nasdaq climbed by 0.8 per cent.
In Seoul, the majority of stocks opened lower. Leading automaker Hyundai Motor fell by 1.05 per cent, and top battery manufacturer LG Energy Solution decreased by 0.29 per cent. Major oil refiner SK Innovation saw a drop of 1.82 per cent, and LG Display, a prominent flat-screen producer, declined by 1.13 per cent.
However, there were gains in the chipmaking sector, with Samsung Electronics rising by 0.61 per cent and SK hynix edging up by 0.21 per cent.
The local currency was trading at KRW1,383.55 against the US dollar, down by KRW4.25 from the previous session’s close.
