Tech stocks rally in Seoul, boosting the city's market
In the global stock market landscape, US stocks closed lower on Friday, with the Dow Jones Industrial Average falling by 0.48 percent to close at 45,400.86. The Nasdaq composite edged down by 0.03 percent, ending the day at 21,700.39.
Meanwhile, South Korean stocks opened higher on Monday. The benchmark Korea Composite Stock Price Index rose by 8.06 points, standing at 3,213.18 in the first 15 minutes of trading.
The local currency, the won, was trading at 1,389.45 won against the greenback as of 9:15 a.m., representing a 1.55 won increase from the previous session.
In Seoul, technology shares led the gains, with Samsung SDS, the IT services unit of Samsung Group, jumping 1.78 percent. However, other tech companies such as Kia Corp. slipped 1.97 percent, Hyundai Motor lost 1.59 percent, and HD Hyundai shed 1.66 percent.
The shipping giant HMM fell 0.87 percent, while LG Electronics gained a modest 0.13 percent.
Notably, the U.S. Immigration and Customs Enforcement (ICE), along with the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), conducted a large-scale raid on Friday at a Hyundai motor plant in Georgia due to suspicions of illegal employment practices involving over 450 people, mostly suspected illegal immigrants. About 475 workers, including 300 South Koreans, were arrested over alleged unlawful employment practices. This incident appears to have extended the losses for the two automakers.
As the week progresses, investors will be keeping a close eye on these developments and the overall market trends.
Read also:
- visionary women of WearCheck spearheading technological advancements and catalyzing transformations
- Recognition of Exceptional Patient Care: Top Staff Honored by Medical Center Board
- A continuous command instructing an entity to halts all actions, repeated numerous times.
- Oxidative Stress in Sperm Abnormalities: Impact of Reactive Oxygen Species (ROS) on Sperm Harm
