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Seoul stocks open lower on tech loss

(Yonhap)
(Yonhap)
South Korean shares opened lower Friday despite the overnight Wall Street rebound, as major tech giants suffered a slump.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.33 points, or 0.49 percent, to 2,315.34 in the first 15 minutes of trading.

Stocks came to a weak start, led by top cap tech losses.

Pharmaceutical heavyweights that posted stellar gains the previous session also retreated on profit-taking.

The Dow Jones Industrial Average rebounded by 0.52 percent to 26,659.11 on Thursday (New York time) on the improved third-quarter economic growth, after plunging 3.43 percent the previous session on pandemic panic-selling.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics dropped 0.52 percent, but No. 2 chipmaker SK hynix edged up 0.24 percent.

Top pharmaceutical firm Samsung Biologics retreated 2.3 percent, and Celltrion shed 1.78 percent.

Hyundai Motor, the country's largest automaker, declined 1.18 percent.

Internet portal giant Naver lost 1.51 percent, with its rival Kakao down 1.31 percent.

Leading chemical maker LG Chem fell 1.54 percent, while top steelmaker Posco added 1.18 percent.

The local currency was trading at 1,131.75 won against the US dollar, down 0.35 won from the previous session's close. (Yonhap)
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