Seoul shares start tad lower on profit taking


On Friday, South Korean stocks initially dipped slightly following a previous day's surge driven by optimism for a potential US rate reduction. The benchmark Korea Composite Stock Price Index fell by 6.19 points, or 0.22 percent, in the first 15 minutes of trading at 2,746.81. Wall Street also experienced a downturn, with major indices closing lower on Thursday after reaching record highs the day before, attributed to data indicating a slowdown in inflation. The Dow Jones Industrial Average dropped by 0.1 percent, while the Nasdaq Composite declined by 0.26 percent. In Seoul, stock trading was mostly mixed, with some notable movements including SK hynix and LG Energy Solution maintaining stability, while SK Innovation and Posco Holdings experienced declines. Conversely, Samsung Electronics and Kia saw modest gains. The local currency was trading at 1,352.25 won against the US dollar, marking a 7.25 won decrease from the previous session. In summary, South Korean stocks began Friday with a marginal decrease after a previous day's rise, fueled by expectations of a US rate cut. This came alongside a broader downturn on Wall Street following a record high, with South Korean shares exhibiting varied performance, and the local currency witnessing a slight depreciation against the US dollar.


Previous Post Next Post