SEOUL: South Korean shares opened higher but quickly retreated on Friday as investors grew cautious ahead of US jobs data which could offer clues on whether the Federal Reserve will start raising interest rates later this month.
The Korea Composite Stock Price Index (KOSPI) was down 0.5 per cent at 1,905.26 points as of 0212 GMT after opening 0.3 per cent higher after European Central Bank chief Mario Draghi hinted at additional stimulus measures for the euro zone.
Losers outnumbered gainers by 3.1 to 1.
Investors were cautious ahead of US non-farm payrolls data that may figure in the Federal Reserve’s decision about when to raise interest rates. “Sentiment improved when the markets opened higher, thanks to Draghi’s comments, and then now investors are refocusing on the timing of Fed’s rate hike,” said Min Byung-kyu, a market analyst at Yuanta Securities.
