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Stocks open lower on tech loss

South Korean stocks opened slightly lower Friday, after a surge in the previous session following the US Federal Reserve's rate hike.

The benchmark Korea Composite Stock Price Index fell 0.35 point, or 0.02 percent, to 2,149.73 in the first 15 minutes of trading.


In the previous session, the index surged to an almost two-year high as the Fed hinted at gradually raising interest rates.

Most large caps traded higher, although market kingpin Samsung Electronics shed 0.14 percent.

SK hynix, a major chipmaker, backtracked 3.56 percent.

In contrast, POSCO, the country's leading steelmaker, was 0.34 percent higher, and Hyundai Motor, the No. 1 automaker, remained unchanged.

AmorePacific, the leading cosmetics maker, climbed 2.55 percent.

The local currency was trading at 1,130.45 won against the US dollar, up 1.55 won from the previous session's close. (Yonhap)

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