Seoul: South Korean stocks opened slightly lower Friday, despite overnight gains on Wall Street, as investors moved to take profits from recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.3 points, or 0.04 percent, to 3,460.0 in the first 15 minutes of trading.
According to Yonhap News Agency, the KOSPI rallied in recent sessions, hitting a record high of 3,461.30 on Thursday. Overnight, Wall Street closed at fresh highs following the Federal Reserve's interest rate cut and gains in Nvidia and other tech stocks. The Dow Jones Industrial Average rose 0.27 percent, the tech-heavy Nasdaq Composite added 0.94 percent, and the S and P 500 advanced 0.48 percent.
In Seoul, most top-cap shares opened lower. Market bellwether Samsung Electronics fell 0.25 percent, and leading battery maker LG Energy Solution shed 0.71 percent. Chip giant SK hynix, however, rose 0.28 percent. Leading bio company Samsung Biologics slid 0.68 percent, and Celltrion edged down 0.12 percent. No. 1 financial firm KB Financial Group decreased 0.17 percent, and defense giant Hanwha Aerospace retreated 0.68 percent.
Automakers opened lower, with top automaker Hyundai Motor sinking 0.92 percent and its sister affiliate Kia going down 0.29 percent. Shipbuilders traded mixed; leading shipbuilder HD Hyundai Heavy fell 0.1 percent, while its rival Hanwha Ocean advanced 0.81 percent. The local currency was trading at 1,391.45 won against the greenback at 9:15 a.m., down 3.65 won from the previous session.