The Korea Herald

소아쌤

Seoul shares open lower on China woes

By 윤민식

Published : June 25, 2013 - 09:48

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South Korean stocks got off to a weak start Tuesday on worries that the Chinese economy is rapidly slowing down, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped 6.12 points, or 0.34 percent, to 1,792.89 in the first 15 minutes of trading.

Large-cap exporters led the decline, with tech heavyweight Samsung Electronics falling 0.7 percent and leading automaker Hyundai Motor dropping 0.5 percent.

China's main Shanghai Index plunged more than 5 percent on Monday amid growing fear that its economy is turning for the worse.

Goldman Sachs revised down its growth estimate for Asia's No. 1 economy to 7.4 percent from 7.8 percent this year.

The local currency was trading at 1,157.75 won against the U.S. dollar as of 9:15 a.m., up 3.55 won from Monday's close. (Yonhap News)