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Kospi dips as technology shares slump

Published: 25 Jun. 2024, 09:59 Updated: 25 Jun. 2024, 10:35

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,764.73 points on Monday, down 0.70 percent, or 19.53 points, from the previous trading session. [NEWS1]

Shares opened higher Tuesday as investors scooped up auto and chemical shares, despite a slump in technology shares on Wall Street.

The Kospi fell 6.69 points, or 0.24 percent, to 2,771.42 in the first 15 minutes of trading.

Overnight, the Nasdaq composite plunged 1.09 percent, and the Dow Jones Industrial Average added 0.67 percent. Nvidia, which briefly shot up to become the most valuable firm last week, plunged 6.68 percent, with other technology firms losing ground as well.

In Seoul, carmakers opened higher, with Hyundai Motor moving up 2.49 percent and Kia increasing 1.25 percent. Auto parts maker Hyundai Mobis added 2.52 percent.

Chemical shares also kicked off higher, with LG Chem rising 0.7 percent and SK Innovation adding 0.55 percent. Oil refiner S-Oil added 0.17 percent as well.

Tech shares opened bearish, with Samsung Electronics falling 0.12 percent to 80,500 won and SK hynix decreasing 2.69 percent to 217,000 won.

Battery makers were mixed, with LG Energy Solution rising 1.06 percent and Samsung SDI remaining unchanged from the previous session.

The local currency was trading at 1,384.7 won against the dollar, down 4.3 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [[email protected]]