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Kospi falls 1.3% in early trading, tracking overnight Wall Street losses

Published: 31 Oct. 2024, 11:04

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Thursday. [YONHAP]

Shares kicked off sharply lower Thursday, tracking overnight losses on Wall Street.

The Kospi lost 33.62 points, or 1.3 percent, to 2,560.17 in the first 15 minutes of trading.

Overnight, Wall Street finished lower, with the Dow Jones Industrial Average down 0.22 percent, the tech-heavy Nasdaq composite down 0.56 percent and the S&P 500 down 0.33 percent, as chip companies, including Advanced Micro Devices and Nvidia, lost ground.

In Seoul, most market heavyweights started in negative territory.

Samsung Electronics was flat, while SK hynix slid 1.95 percent.

Battery shares lost ground on disappointing third quarter earnings.

LG Energy Solution dropped 1.34 percent, and Samsung SDI and Posco Future M decreased 1.47 percent and 1.97 percent, respectively.

Hyundai Motor also pulled back 1.13 percent, with its sister Kia down 0.74 percent.

Korea Zinc plunged 13.69 percent.

The local currency was trading at 1,381.40 won against the U.S. dollar, down 1 won from the previous session.

Yonhap