Published : 2013-08-16 09:30
Updated : 2013-08-16 09:30
South Korean stocks opened lower Friday tracking overnight losses on Wall Street as an improved economic data sparked concerns over a reduction in the U.S. quantitative easing, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 16.20 points, or 0.84 percent, to 1,907.71 in the first 15 minutes of trading.
Tech shares closed bearish, with No. 1 player Samsung Electronics plunging 1.08 percent and top chipmaker SK hynix falling 1.2 percent. Top flat panel maker LG Display shed 1.38 percent.
Builders also lost ground, with Hyundai Engineering & Construction losing 1.23 percent and Daewoo Engineering & Construction moving down 1.46 percent. Daelim Industrial decreased 1.81 percent.
U.S. stocks closed lower Thursday also on listed firms' weak earnings for the second quarter, with the Dow Jones industrial average losing 1.47 percent and tech-laden NASDAQ composite index falling 1.72 percent.
The local currency was trading at 1,115.60 won against the U.S. dollar as of 9:15 a.m., up 3.10 won from Wednesday's close. The local financial markets were closed Thursday to celebrate Liberation Day, which commemorates Korea's independence from Japan's colonial rule. (Yonhap News)