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Seoul stocks open lower, tech rally continues

South Korean shares opened lower Friday as investors cashed in recent profits ahead of the final trading session of 2019 slated for next week. But major tech stocks continued to build up gains.

The benchmark Korea Composite Stock Price Index fell 13.41 points, or 0.61 percent, to 2,184.52 in the first 15 minutes of trading.


In South Korea, investors should buy stocks one day before the last trading day of the year to receive dividends. The final trading session of 2019 is Monday.

US stocks continued to rise, reaching new record highs on hopes over the Sino-America trade deal. The tech-heavy Nasdaq finished above the 9,000-point threshold for the first time since the market opened in 1971.

In Seoul, top market cap Samsung Electronics moved up 0.9 percent, and No. 2 chipmaker SK hynix rose 0.74 percent.

Leading carmaker Hyundai Motor, on the other hand, lost 1.22 percent, and its sister Kia Motors slipped 2.11 percent. Auto parts maker Hyundai Mobis also shed 2.11 percent.

Financial firms also opened weaker, with Shinhan Financial plunging 3.83 percent and KB Financial sliding 3.44 percent. Samsung Life Insurance sank 3.13 percent.

The local currency was trading at 1,161.80 won against the US dollar, unchanged from the previous session's close. (Yonhap)