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Seoul stocks open steeply lower on US stock plunge

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
South Korean stocks opened nearly 1.5 percent lower Wednesday, tracking an overnight plunge on Wall Street amid concerns about spiking bond yields and the US debt ceiling.

The benchmark Korea Composite Stock Price Index (Kospi) dropped 45.27 points, or 1.46 percent, to 3,052.65 points in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq composite plummeted 2.83 percent and the S&P 500 dipped 2.04 percent. The Dow Jones Industrial Average retreated 1.63 percent.

Investor sentiment also weakened over growing concerns the US debt ceiling may lead to critical consequences.

In Seoul, top cap Samsung Electronics lost 1.97 percent, and No. 2 chipmaker SK hynix shed 2.42 percent.

Internet portal operator Naver retreated 1.78 percent, and leading chemical firm LG Chem declined 1.68 percent.

Top automaker Hyundai Motor decreased 0.99 percent, with pharmaceutical firm Samsung Biologics falling 1.61 percent.

The local currency was trading at 1,187.45 won against the US dollar, down 3.05 won from the previous session's close. (Yonhap)

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