Seoul shares open higher on autos, chemicals


Seoul stocks started the day on a positive note, with investors showing interest in auto and chemical shares, despite a decline in technology stocks on Wall Street. The Korea Composite Stock Price Index dropped by 0.24 percent to 2,771.42 in the initial 15 minutes of trading. The Nasdaq Composite experienced a 1.09 percent decline, while the Dow Jones Industrial Average saw a 0.67 percent increase. Notably, Nvidia, which briefly held the position of the most valuable firm last week, experienced a 6.68 percent drop, along with other technology companies. In Seoul, car manufacturers like Hyundai Motors and Kia saw gains, with increases of 2.49 percent and 1.25 percent, respectively. Similarly, chemical companies such as LG Chem and SK Innovation also saw positive movement, with rises of 0.7 percent and 0.55 percent, respectively. However, tech shares, including Samsung Electronics and SK hynix, opened on a bearish note, experiencing declines of 0.12 percent and 2.69 percent, respectively. The local currency was trading at 1,384.7 won against the US dollar, marking an increase of 4.3 won from the previous session's close. Overall, despite the slump in technology shares on Wall Street, Seoul shares opened higher, with auto and chemical shares showing positive movement, while tech shares experienced a bearish start to the trading day. The local currency also saw a slight increase against the US dollar.


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