Stocks open lower after strong U.S. jobs data dashes rate-cut hopes

Seoul shares opened lower Friday after strong jobs data dampened hopes for an early interest rate cut by the U.S. Federal Reserve this year.

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Friday. [YONHAP]

Seoul shares opened lower Friday after strong jobs data dampened hopes for an early interest rate cut by the U.S. Federal Reserve this year.

The benchmark Kospi fell 2.65 points, or 0.10 percent, to 2,584.37 in the first 15 minutes of trading.

Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average inched up 0.03 percent to 37,440.34, but the tech-heavy Nasdaq declined 0.6 percent to 14,510.30.

Data showed U.S. companies hired more in December, and jobless claims were lower than expected. Earlier this week, Fed minutes from its December meeting indicated rates could remain at high levels for some time, and there will be possible rate cuts later this year.

In Seoul, auto, energy and steel stocks led declines.

Top carmaker Hyundai Motor fell 0.2 percent, steelmaker Posco Holdings declined 0.1 percent, leading car battery maker LG Energy Solution dropped 0.8 percent, and leading shipping firm HMM shed 3.5 percent.

Among gainers, market bellwether Samsung Electronics rose 0.4 percent, the country's sole aircraft manufacturer, Korea Aerospace Industries, climbed 1.8 percent, and leading cosmetics firm Amorepacific Corp. gained 1.4 percent.

The local currency was trading at 1,313.00 won against the U.S. dollar, down 3 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]