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Seoul shares open weaker on tech, battery slump

By Yonhap

Published : April 25, 2024 - 09:38

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks opened weaker Thursday as investors sought profits following the previous session's sharp rise amid mixed overnight results on Wall Street.

The benchmark Korea Composite Stock Price Index fell 26.04 points, or 0.97 percent, to 2,649.71 in the first 15 minutes of trading.

On Wednesday, the main index spiked nearly 2 percent, backed by chipmakers and batterymakers.

Overnight, Wall Street closed mixed as a disappointing earnings report from Meta Platforms put investors on edge ahead of other big tech earnings reports scheduled to be announced this week. The S&P 500 rose 0.02 percent, and the tech-heavy Nasdaq advanced 0.1 percent, while the Dow Jones Industrial Average fell 0.11 percent.

In Seoul, most blue chips lost ground. Market heavyweight Samsung Electronics dropped 1.78 percent, and chip rival SK hynix fell 2.45 percent.

Battery and steel shares also retreated. Leading battery company LG Energy Solution slid 1.3 percent, and top steelmaker Posco Holdings dropped 0.88 percent.

The local currency was trading at 1,375.75 won against the greenback, down 6.55 won from the previous session's close. (Yonhap)