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Seoul shares open lower on US tech losses

Sept. 8, 2023 - 09:37 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened lower Friday, tracking tech losses on Wall Street, amid concerns over China's ban on Apple Inc.'s use.

The benchmark Korea Composite Stock Price Index fell 0.07 point to 2,548.19 in the first 15 minutes of trading.

China plans to expand its ban on the use of iPhones in government agencies and state-owned companies. The move is expected to deal a blow to global big tech companies that heavily rely on China, analysts said.

In Seoul, tech and auto stocks were the lead decliners.

Market bellwether Samsung Electronics Co. fell 0.4 percent, No. 2 chipmaker SK hynix Inc. declined 2.1 percent, top carmaker Hyundai Motor Co. dropped 0.5 percent, and leading refiner SK Innovation Co. shed 0.4 percent.

Among gainers, the state-run Korea Electric Power Corp. rose 2.2 percent, leading car battery maker LG Energy Solution climbed 0.2 percent, and steelmaker Posco Holdings gained 0.8 percent.

The local currency was trading at 1,333.50 won against the U.S. dollar, up 1.9 won from the previous day's close. (Yonhap)