Seoul stocks open tad lower despite Wall Street gains
Summary
Seoul stocks opened lower Monday despite Wall Street’s gains as easing Iran conflict worries pushed oil prices down. The KOSPI fell 40.16 points, or 0.47 percent, to 7,040.76 at 9:15 a.m. Most heavyweights traded mixed, with Samsung Electronics and SK hynix down, while Samsung Electro-Mechanics rose. The won traded at 1,357.1 against the U.S. dollar, down 0.1 won from the previous session.
Key Facts
- The Dow Jones Industrial Average rose 0.93 percent, the S&P 500 gained 0.51 percent, and the Nasdaq Composite Index advanced 0.48 percent on Friday local time.
- Brent crude settled around $104 a barrel after reports that Iran had proposed a plan to end the conflict.
- Samsung Electronics fell 1.14 percent, SK hynix lost 2.63 percent, and SK Square shed 3.36 percent in Seoul trading.
- Samsung Electro-Mechanics rose 4.31 percent as the market opened.
- The Korean won was trading at 1,357.1 won against the U.S. dollar, down 0.1 won from the previous stock trading session.
The benchmark KOSPI and the won-dollar exchange rate are displayed on a screen at the dealing room of Hana Bank’s headquarters in Seoul, Monday. Yonhap
Korean stocks opened lower Monday despite Wall Street's advance, as hopes for a diplomatic breakthrough in the Iran conflict pushed oil prices lower.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 40.16 points, or 0.47 percent, to 7,040.76 as of 9:15 a.m.
The KOSPI extended its winning streak to a fourth session Wednesday and was closed Thursday and Friday for the Chuseok holiday, Korea's equivalent of Thanksgiving.
U.S. stocks ended higher on Friday (local time), with technology and industrial companies leading the gains.
The Dow Jones Industrial Average rose 0.93 percent, the S&P 500 gained 0.51 percent, and the tech-heavy Nasdaq Composite Index advanced 0.48 percent.
Brent crude settled around $104 a barrel after reports that Iran had proposed a plan to end the conflict.
In Seoul, most market heavyweights traded mixed.
Top market cap Samsung Electronics went down 1.14 percent, and chip giant SK hynix lost 2.63 percent.
SK Square, the parent company of SK hynix, shed 3.36 percent.
In contrast, Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, increased 4.31 percent.
The Korean won was trading at 1,357.1 won against the U.S. dollar, down 0.1 won from the close of the previous stock trading session.
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