Seoul shares open lower amid virus concerns

The benchmark figures for the Composite Korean Stock Price Index (Kospi) were displayed on Thursday in the trading room of a local bank in Seoul. (Yonhap)

South Korean stocks opened lower on Thursday, following overnight losses on Wall Street that stemmed from concerns about global outbreaks of the omicron variant of the coronavirus.

Korea’s benchmark stock price index (KOSPI) fell 9.42 points, or 0.32%, to 2,890.3 points in the first 15 minutes of trading.

Stocks got off to a weak start, led by massive foreign and institutional sellers.

The Dow Jones Industrial Average was down 1.34% and the high-tech Nasdaq composite was down 1.83% as the first case of the omicron variant in the United States worsened investor sentiment in global financial markets .

Most of the large caps traded lower in Seoul, with the exception of chipmakers.

Market leader Samsung Electronics gained 0.81% and No.2 chipmaker SK hynix gained 2.58%.

Among the losers, pharmaceutical giant Samsung Biologics lost 1.8%, with internet portal operator Naver falling 0.9%. Major automaker Hyundai Motor fell 0.5%.

On secondary KOSDAQ, stocks linked to vaccine kits showed strong performance a day after South Korea confirmed its first cases of infection with the omicron variant.

Seegene, a global supplier of COVID-19 test kits, had jumped 3.88% by 9:33 a.m. LabGenomics, a healthcare company specializing in molecular diagnostic kits, was up 3.65%.

The local currency was trading at 1,177.65 won against the US dollar, up 1.55 won from the close of the previous session. (Yonhap)

Source link

About Troy McMiller

Check Also

The Chinese market shrinks by 1% | Trade Standards News

Mainland China’s stock market ended lower for the second consecutive session on Wednesday, Jan.5, 2022, …