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Seoul shares open lower on tech losses

By Yonhap

Published : Aug. 14, 2023 - 09:41

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

South Korean stocks opened lower Monday, led by big-cap tech losses, amid uncertainties over the Federal Reserve's policy path and a global economic recovery.

The benchmark Korea Composite Stock Price Index shed 7.97 points, or 0.31 percent, to 2,585.29 in the first 15 minutes of trading.

On Friday, US stocks closed mixed. The Dow Jones Industrial Average rose 0.3 percent, while the tech-heavy Nasdaq Composite dropped 0.68 percent.

Investors expect the Fed to pause its interest rate hikes in September, though the US central bank has signaled that more work needs to be done to rein in inflation.

In Seoul, most top-cap shares lost ground, though Samsung Electronics added 0.15 percent on bargain hunting.

Chip giant SK hynix lost 0.35 percent, and leading battery maker LG Energy Solution fell 0.55 percent. LG Chem sank 1.61 percent.

Major bio firm Samsung Biologics decreased 0.87 percent, and Celltrion retreated 2.75 percent.

Carmakers also fell, with top automaker Hyundai Motor falling 0.89 percent and Kia going down 1.12 percent.

The local currency was trading at 1,331.90 won against the US dollar at 9:15 a.m., down 7 won from the previous session's close. (Yonhap)