The Korea Herald

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Seoul shares open lower on Tesla's weak earnings

By Yonhap

Published : Jan. 25, 2024 - 09:38

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares opened lower Thursday, tracking an overnight fall on Wall Street.

The benchmark Korea Composite Stock Price Index fell 0.58 percent, or 14.42 points, to 2,455.27 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.3 percent to 37,806.39, while the tech-heavy Nasdaq rose 0.4 percent to 15,481.92.

Tesla reported weaker-than-expected earnings for the fourth quarter, which dragged down EV battery makers here.

In Seoul, large-cap stocks were mixed.

Market bellwether Samsung Electronics Co. rose 0.4 percent, leading carmaker Hyundai Motor Co. climbed 0.3 percent, Korea Aerospace Industries Co., the country's sole aircraft manufacturer, gained 0.6 percent, and leading wireless services provider SK Telecom Co. was up 0.3 percent.

Among losers, No. 2 chipmaker SK hynix Inc. fell 0.4 percent, leading car battery maker LG Energy Solution declined 4 percent, and top refiner SK Innovation Co. shed 4.1 percent.

The local currency was trading at 1,336.75 won against the U.S. dollar, up 0.25 won from the previous session's close. (Yonhap)