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Seoul stocks open lower on Wall Street losses

09:26 September 17, 2020

SEOUL, Sept. 17 (Yonhap) -- South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street that stemmed from tech valuation concerns.

The benchmark Korea Composite Stock Price Index fell 11.69 points, or 0.58 percent, to 2,424.23 in the first 15 minutes of trading.

Despite the U.S. Federal Reserve's signal to keep the near-zero rate till 2023, the local stock market remained bearish.

The Nasdaq Composite retreated 1.25 percent to 11,050.47 points on Wednesday (New York time). The S&P 500 declined 0.46 percent, while the Dow Jones Industrial Average edged up 0.13 percent.

Large caps traded mixed.

Market behemoth Samsung Electronics fell 1.64 percent, while No. 2 chipmaker SK hynix inched up 0.12 percent.

Pharmaceutical giant Samsung Biologics lost 1.42 percent, and Celltrion shed 0.51 percent.

Internet portal giant Naver retreated 1.63 percent, with its rival Kakao down 1.72 percent.

Top automaker Hyundai Motor advanced 1.63 percent, but leading chemical company LG Chem dipped 2.77 percent.

The local currency was trading at 1,175.35 won against the U.S. dollar, up 0.75 won from the previous session's close.

jwc@yna.co.kr
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