Kospi opens lower tracking Wall Street losses

Shares opened lower Tuesday tracking overnight losses on Wall Street as a potential U.S. rate cut in September looked overly optimistic.

The Kospi fell 24.1 points, or 0.75 percent, to 3,185.76 in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq composite closed 0.22 percent lower, and the S&P 500 shed 0.43 percent. The Dow Jones Industrial Average slipped 0.77 percent.

The decline, however, was partially limited as investors believed the overnight summit between Korea and the United States covered a wide agenda, including business cooperation, without major discord.

Top tech giant Samsung Electronics lost 1.26 percent and SK hynix fell 0.58 percent. LG Energy Solution, on the other hand, added 0.13 percent.

Leading carmaker Hyundai Motor slipped 0.68 percent and its sister Kia moved down 0.96 percent.

The local currency was trading at 1,387.7 won against the U.S. dollar at 9:15 a.m., up 0.22 percent from the previous session of 1,384.7 won.

Yonhap