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Seoul shares open lower ahead of key US economic data

Feb. 27, 2024 - 09:36 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks started lower Tuesday as investors took a cautious mode ahead of major US economic data releases later this week, including the Federal Reserve's preferred measure of inflation.

The benchmark Korea Composite Stock Price Index dropped 4.77 points, or 0.18 percent, to 2,642.31 in the first 15 minutes of trading.

Overnight, the US stock market closed lower on profit-taking following a rally last week.

Investors were also taking a wait-and-see mode ahead of the release of the core personal consumption expenditures price index Thursday, which is closely monitored by the Fed.

In Seoul, big-cap shares started mixed.

Top-cap Samsung Electronics gained 0.27 percent, while No. 2 chipmaker SK hynix slid 2.41 percent.

Leading battery maker LG Energy Solution rose 1.1 percent, and its smaller rival Posco Future M jumped 1.57 percent, while Samsung SDI retreated 0.38 percent.

Hyundai Motor, the country's largest carmaker, increased 0.21 percent, and its smaller affiliate Kia climbed 0.26 percent.

Leading chemical producer LG Chem advanced 1.9 percent.

The local currency was trading at 1,332.40 won against the US dollar, down 1.3 won from the previous session's close. (Yonhap)