SEOUL - South Korean stocks opened lower on Thursday, influenced by the downturn in U.S. technology shares, including major companies like Nvidia and Microsoft. The decline in U.S. tech stocks follows the overnight losses experienced by these heavyweights.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) fell by 8.91 points, or 0.36 percent, to 2,486.47 within the first 15 minutes of trading. This downward trend comes in the wake of losses across all major U.S. indexes, despite jobs data suggesting the Federal Reserve might start reducing its rates early next year. Key players in the U.S. market, such as AI chip leader Nvidia, saw a 2.3 percent decrease, with Microsoft and Amazon experiencing losses of over 1 percent each.
In Seoul, the decline was led by semiconductor and tech shares. Market leader Samsung Electronics saw a 0.28 percent drop, while SK hynix, the second-largest chipmaker, recorded a 0.72 percent increase. LG Energy Solution, a leading battery maker, decreased by 0.59 percent, whereas competitors Samsung SDI and POSCO Future M advanced by 0.81 percent and 3.14 percent, respectively.
The automotive and IT sectors also witnessed declines. Hyundai Motor, the top car manufacturer, fell by 0.66 percent, and its affiliate Kia dropped by 1.18 percent. In the internet sector, Naver decreased by 1.17 percent, and Kakao, the operator of South Korea's top mobile messenger, decreased by 0.59 percent.
Biotech stocks also opened lower, with Samsung Biologics and Celltrion dropping by 0.57 percent and 1.5 percent, respectively. The Korean won was trading at 1,317.50 against the U.S. dollar, a decrease of 4.4 won from the previous session's close.