Seoul shares open lower on profit-taking
Published : 2013-09-13 09:33
Updated : 2013-09-13 09:33
South Korean stocks got off to a weak start Friday, as investors seek to take profit after upbeat rallies ahead of a holiday season here and a key policy event in the U.S. next week, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.52 points, or 0.18 percent to 2,000.54 in the first 15 minutes of trading.
Large-cap stocks led the decline. Tech heavyweight Samsung Electronics slid 0.5 percent and top automaker Hyundai Motor dropped 0.4 percent.
The KOSPI rallied more than 3 percent in the last six sessions, reaching a three-month high after a long rangebound run.
Analysts said investors will likely take a breather on Friday as they're anxiously awaiting U.S. Federal Reserve's monetary meeting slated for next Wednesday, U.S. time.
The Seoul bourse will be closed for three days starting from Sept. 18, for the Chuseok Holiday which refers to the national harvest celebration. (Yonhap News)