Kospi opens lower despite overnight U.S. gains

Stocks started lower Friday despite overnight U.S. gains as investors await the Bank of Korea's rate decision later in the day.

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Friday. [YONHAP]

Stocks started lower Friday despite overnight U.S. gains as investors await the Bank of Korea's rate decision later in the day.

The Kospi dropped 16.61 points, or 0.61 percent, to 2,690.35 in the first 15 minutes of trading.

Overnight, the Nasdaq Composite jumped 1.7 percent and the S&P 500 rose 0.7 percent on a tech rally, while the Dow Jones Industrial Average was almost flat.

Apple soared 4.3 percent, Nvidia surged 4.1 percent and Amazon climbed 1.7 percent.

The Bank of Korea is widely expected to keep the rate unchanged for the 10th consecutive time at 3.5 percent.

In Seoul, most big-cap shares kicked off in negative territory.

Samsung Electronics lost 0.24 percent and SK hynix fell 0.48 percent.

Hyundai Motor dropped 0.83 percent, Kia retreated 1.43 percent and Hyundai Mobis plunged 3.78 percent.

Battery and financial shares also lost ground.

LG Energy Solution dipped 0.53 percent, Samsung SDI went down 0.74 percent and Posco Future M pulled back 1.42 percent.

KB Financial Group, Shinhan Financial Group and Hana Financial Group tumbled 3.22 percent, 1.97 percent and 3.79 percent, respectively.

Naver and LG Chem were among the few gainers, adding 2.4 percent and 1.03 percent, respectively.

The local currency was trading at 1,368.10 won against the dollar, up 4.00 won from the previous session's close.

BY KIM JI-YE, YONHAP [kim.jiye@joongang.co.kr]