Kospi dips with tech and insurance stocks opening lower.

May 30, 2024
1 min read

TLDR:

The Kospi opened lower on Wednesday due to losses in technology and insurance stocks. Samsung Electronics and LG Electronics both saw declines, while insurance firms like Samsung Life Insurance and Samsung Fire & Marine Insurance also fell. On the other hand, chemical firms like Amorepacific and LG Household & Health Care saw gains. The local currency was trading at 1,364 won against the dollar.

Key Points:

  • Stocks opened lower on Wednesday, with the Kospi shedding 13.59 points, or 0.5 percent.
  • Technology and insurance shares experienced losses, while chemical firms saw gains.

Article:

Stocks opened lower on Wednesday, mainly due to losses from technology and insurance shares. The Kospi shed 13.59 points, or 0.5 percent, to 2,710.59 in the first 15 minutes of trading. Samsung Electronics slid 1.28 percent, and LG Electronics shed 0.62 percent to 95,900 won. Insurance firms were among the major losers too, with Samsung Life Insurance falling 2.94 percent and Samsung Fire & Marine Insurance decreasing 3.48 percent. Chemical firms, on the other hand, opened higher, with Amorepacific climbing 0.43 percent and LG Household & Health Care rising 0.89 percent. The local currency was trading at 1,364 won against the dollar, up 0.7 won from the previous session’s close.

Overall, it was a mixed start to the trading day with some sectors experiencing losses while others saw gains. Investors will be closely watching the market for any developments that could impact future trading sessions.

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