KOSPI Drops 0.94% as Investors Wary of U.S. Rate Hike


At the start of trading on Friday, South Korean stocks experienced a dip as traders adopted a cautious approach in light of the robust U.S. employment figures.

The Korea Composite Stock Price Index (KOSPI) dropped 24.37 points, or 0.94 percent, to 2,575.86 within the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.47 percent, while the tech-heavy Nasdaq Composite Index fell 2.05 percent.

The U.S. Labor Department data showed that weekly jobless claims decreased once more, indicating that the Federal Reserve could maintain its higher interest rates.

In Seoul, large-cap stocks were the main contributors to the downward trend.

Market leader Samsung Electronics declined 1.97 percent, and its chipmaking rival SK hynix dropped 2.48 percent.

Leading carmaker Hyundai Motor slipped 0.7 percent, and its auto parts affiliate Hyundai Mobis decreased 1.24 percent.

At 9:15 a.m., the South Korean won was trading at 1,278.65 against the U.S. dollar, 8.75 won lower than the previous session’s close.


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