The Korea Herald

소아쌤

Seoul shares open lower tracking Wall Street losses

By Yonhap

Published : Feb. 29, 2024 - 09:41

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

South Korean stocks started lower Thursday tracking overnight losses from Wall Street, as the US' fourth-quarter economic growth was slower than earlier estimated.

The benchmark Korea Composite Stock Price Index fell 20.49 points, or 0.77 percent, to 2,631.8 in the first 15 minutes of trading.

Overnight, the US stock market closed weaker, with the Dow Jones Industrial Average falling 0.06 percent and the tech-heavy Nasdaq Composite losing 0.55 percent.

The US economy expanded 3.2 percent in the fourth quarter, slightly down from an earlier estimate of 3.3 percent.

In Seoul, top tech giant Samsung Electronics dropped 1.23 percent, and No. 2 chipmaker SK hynix shed 1.33 percent.

Naver, which operates the country's top search engine, decreased 2.5 percent, and Kakao shed 2.52 percent.

Samsung C&T, a trading firm, moved up 0.26 percent, while Posco International lost 0.71 percent.

The local currency was trading at 1,334.7 won against the US dollar, down 1.1 won from the previous session's close.

The local financial market will be closed Friday for March 1 Independence Movement Day. (Yonhap)