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Seoul shares open nearly flat on lingering US debt ceiling concerns

May 17, 2023 - 09:34 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

South Korean stocks started nearly unchanged Wednesday amid protracted US debt-ceiling negotiations.

The benchmark Korea Composite Stock Price Index fell 0.11 point to 2,480.13 in the first 15 minutes of trading.

On Wall Street, the Dow Jones Industrial Average tumbled 1.01 percent and the tech-heavy Nasdaq Composite declined 0.18 percent as investors awaited developments in the negotiations on debt deals.

In Seoul, big caps traded in mixed territories.

Top carmaker Hyundai Motor rose 0.74 percent and its auto parts affiliate Hyundai Mobis went up 0.91 percent.

LG Display soared 4.47 percent on the latest news report that it will supply OLED TV panels to Samsung Electronics, which fell 0.31 percent.

Leading retailer Lotte Shopping fell 0.98 percent, and Shinsegae dropped 0.25 percent.

The local currency was trading at 1,341.45 won against the US dollar as of 9:15 a.m., down 2.85 won from Tuesday's close. (Yonhap)