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Seoul shares open nearly flat after sharp slideBy Yonhap
Published : April 26, 2023 - 10:05
South Korean stocks opened nearly flat Wednesday, as big-cap shares rebounded from recent deep losses.
The benchmark Korea Composite Stock Price Index shed 1.37 points, or 0.06 percent, to 2,487.65 in the first 15 minutes of trading.
Overnight, US shares fell on renewed concerns about the banking sector instability after the First Republic Bank reported a drop in deposits in the first quarter and its stock sank nearly 50 percent.
The Dow Jones Industrial Average lost 1.02 percent, while the tech-heavy Nasdaq Composite tumbled 1.98 percent.
Major tech shares opened higher.
Market bellwether Samsung Electronics rose 0.63 percent, and leading battery maker LG Energy Solution added 0.36 percent.
Major chipmaker SK hynix surged 3.27 percent after it reported 3.4 trillion won of losses in the first quarter on sagging global demand for chips. It is the worst ever quarterly result for the chipmaker.
Top chemical firm LG Chem went down 1.08 percent.
Major carmakers got off to a strong start, with No. 1 automaker Hyundai Motor advancing 1.99 percent and its affiliate Kia jumping 2.42 percent.
Among decliners, No. 1 steelmaker Posco Holdings dropped 2.11 percent, and battery components maker Posco Future M skidded 2.73 percent.
The local currency was trading at 1,339.6 won against the US dollar as of 9:15 a.m., down 7.4 won from the previous session's close. (Yonhap)
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