Seoul shares open lower on tech losses despite U.S. gains

Seoul shares opened lower Friday on tech losses, despite overnight gains on Wall Street following a report indicating the U.S. economy remains stronger than expected. The benchmark Korea Composite Stock Price Index fell 0.06 percent, or 1.44 points, to 2,468.90 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 38,049.13, and the tech-heavy Nasdaq climbed 0.2 percent to 15,510.50. The U.S. economy grew at an estimated 3.3 percent in the fourth quarter of 2023, higher than the 1.8 percent growth outlook by market players. In Seoul, tech stocks were lead decliners. Market bellwether Samsung Electronics Co. fell 0.7 percent, No. 2 chipmaker SK hynix Inc. declined 0.4 percent, leading home appliance maker LG Electronics Inc. shed 1.1 percent, and top carmaker Hyundai Motor Co. shed 1 percent. Among gainers, leading car battery maker LG Energy Solution Ltd. rose 0.3 percent, LG Chem Ltd. jumped 3.5 percent, and leading refiner SK Innovation Co. gained 1.8 per cent. The local currency was trading at 1,339.05 won against the U.S. dollar, down 3.25 won from the previous session's close. Source: Yonhap News Agency