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Seoul shares open tad lower on US lossesBy Yonhap
Published : June 26, 2023 - 09:44
South Korean stocks opened a tad lower Monday, tracking losses on Wall Street amid concerns over economic recession and profit taking.
The benchmark Korea Composite Stock Price Index fell 3.08 points, or 0.12 percent, to 2,567.02 in the first 15 minutes of trading.
All US stock indexes finished lower Friday after US Federal Reserve Chairman Jerome Powell reaffirmed the need for more interest rate hikes at a testimony before Congress last week.
In Seoul, mega-cap shares opened mixed.
Tech heavyweight Samsung Electronics rose 0.7 percent, and top automakers -- Hyundai Motor and Kia -- were up 0.55 percent and 1.20 percent, respectively. Steel giant Posco Holdings also rose almost 1 percent.
Top battery maker LG Energy Solution dropped 0.36 percent, No. 2 chipmaker SK Hynix shed 0.53 percent and biotech firm Samsung Biologics was down 0.8 percent. Top energy company SK Innovation dipped almost 8 percent.
The local currency was trading at 1,308.40 won against the US dollar at 9:15 a.m., down 4.20 won from Friday's close. (Yonhap)
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