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Seoul stocks open lower on extended tech losses

By Yonhap

Published : Aug. 13, 2021 - 09:46

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Stock market in South Korea (Yonhap) Stock market in South Korea (Yonhap)
South Korean stocks opened lower Friday as giant chipmakers suffered an extended slump amid concerns of a price fall of DRAM.

The benchmark Korea Composite Stock Price Index (Kospi) fell 11.9 points, or 0.37 percent, to 3,196.48 points in the first 15 minutes of trading.

Stocks declined below the 3,200-point mark, largely on chip heavyweights' weeklong losses

Foreigners continued to sell shares of large chip companies, following brokerage reports tat said demand for chips may decrease after the current quarter.

Samsung and SK hynix shed 2.6 percent and 0.5 percent, respectively.

Internet portal giant Naver traded flat, with Kakao decreasing 0.68 percent. Giant chemical maker LG Chem gained 1.59 percent.

Top pharmaceutical firm Samsung Biologics added 1.44 percent on surging new coronavirus cases. Leading carmaker Hyundai Motor advanced 0.46 percent.

The local currency was trading at 1,166.35 won to the US dollar, down 5.15 won from the previous session's close. (Yonhap)