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Seoul shares open nearly flat ahead of earnings seasonBy Yonhap
Published : April 25, 2023 - 09:37
South Korean stocks opened nearly flat Tuesday, following a three-day losing streak, as investors await first-quarter corporate earnings reports.
The benchmark Korea Composite Stock Price Index shed 1.64 points, or 0.06 percent, to 2,521.86 in the first 15 minutes of trading.
Overnight, US shares ended mixed as big tech earnings season approaches.
The Dow Jones Industrial Average rose 0.2 percent, while the tech-heavy Nasdaq Composite fell 0.29 percent.
This week, South Korean chip giants Samsung Electronics and SK hynix, as well as several other major companies, are to release their quarterly earnings amid a gloomy outlook for the performance of chipmakers, in particular, over a global economic slowdown and monetary tightening policy steps.
Top-cap shares traded mixed.
Market bellwether Samsung Electronics fell 0.46 percent, while SK hynix remained unchanged.
Leading battery maker LG Energy Solution remained flat, and LG Chem went down 0.39 percent. But Samsung SDI grew 0.55 percent.
Major carmakers were also mixed, with No. 1 automaker Hyundai Motor advancing 0.83 percent while its affiliate Kia decreased 0.24 percent.
No. 1 steelmaker Posco Holdings dropped 1 percent, and battery components maker Posco Future M skidded 1.24 percent.
The local currency was trading at 1,331.05 won against the US dollar as of 9:15 a.m., up 3.75 won from the previous session's close. (Yonhap)
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