SEOUL – South Korean shares opened lower on Wednesday, reflecting a downtrend in response to the overnight losses on Wall Street. The Korea Composite Stock Price Index (KOSPI) saw a decline of 6.94 points, or 0.25 percent, in the early minutes of trading, positioning itself at 2,750.15.
According to Yonhap News Agency, the dip in South Korea's stock market is directly influenced by the performance of U.S. stocks, which fell ahead of the release of key inflation data. The Dow Jones Industrial Average and the Nasdaq Composite experienced declines of 0.08 percent and 0.42 percent, respectively.
In Seoul, the trading landscape was mixed among the market heavyweights. Samsung Electronics, a leading global manufacturer of memory chips, saw its stock fall by 0.75 percent. Conversely, its competitor, SK hynix, experienced a gain of 0.91 percent. The automotive sector also showed mixed results, with Hyundai Motor's shares increasing by 1.25 percent, while Kia's shares dropped by 1.05 percent. Among other notable movements, LG Energy Solution's stock rose by 1.11 percent, but Shinhan Financial Group faced a significant decline of 3.92 percent.
The South Korean won also weakened against the U.S. dollar, trading at 1,343.45 won, a decrease of 3.95 won from the previous session's close. This movement in the financial markets reflects broader trends and investor sentiment globally, as markets react to international economic indicators and corporate performance data.