Questions on bubble as tech momentum fades

Seoul shares open 0.1 pct lower on first day of trading in 2014

Seoul shares open 0.1 pct lower on first day of trading in 2014

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Published : 2014-01-02 10:29
Updated : 2014-01-02 10:29

South Korean stocks inched down Thursday, the first day of trading in the new year, as tech shares and automakers lost ground, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.08 point, or 0.1 percent to 2,009.26 in the first 15 minutes of trading.

Market leader Samsung Electronics fell 2.48 percent to 1,338,000 won and top carmaker Hyundai Motor declined 0.63 percent to 235,000 won.

Analysts said the yen's weakness and tepid corporate earnings may cap gains of the KOSPI in January. Stock prices tend to rise in January on optimism over a new year.

The local currency was trading at 1,051.95 against the U.S. dollar as of 10:15 a.m., up 4.5 won from Tuesday's close.

The local financial markets opened one hour later than usual. (Yonhap News)



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