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Seoul shares open lower on profit taking, mixed US stock results

June 4, 2024 - 09:47 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocked opened weaker Tuesday as investors took profit from strong gains the previous session and on mixed overnight results on Wall Street.

The benchmark Korea Composite Stock Price Index slid 6.06 points, or 0.23 percent, to 2,676.46 in the first 15 minutes of trading.

Overnight, Wall Street shares finished mixed amid the latest economic indicators showing a slowing of the US economy. The Dow Jones Industrial Average fell 0.3 percent while the Nasdaq composite gained 0.6 percent and the S&P 500 edged up 0.1 percent.

In Seoul, market bellwether Samsung Electronics fell 0.4 percent and leading automaker Hyundai Motor slipped 1.89 percent.

Financial shares also lost ground, with KB Financial and Hana Financial shedding 0.63 percent and 0.8 percent, respectively.

In contrast, battery and pharmaceutical stocks advanced. Top battery manufacturer LG Energy Solution gained 0.45 percent and pharmaceutical giant Samsung Biologics rose 0.53 percent.

The local currency was trading at 1,369.9 won against the US dollar, up 6.2 won from the previous session's close. (Yonhap)