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Seoul shares open lower on tech losses

Sept. 26, 2023 - 09:43 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 stocks opened lower Tuesday, despite overnight gains on Wall Street, as big-cap tech shares lost ground amid lingering concerns about the Federal Reserve's aggressive monetary policy path.

The benchmark Korea Composite Stock Price Index shed 13.20 points, or 0.53 percent, to 2,482.56 in the first 15 minutes of trading.

Overnight, US shares rose following recent sharp losses as the Federal Reserve signaled higher borrowing rates for longer to curb inflation, sending bond yields higher.

The Dow Jones Industrial Average inched up 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.45 percent.

On the Seoul bourse, most top-cap shares opened lower.

Market bellwether Samsung Electronics lost 0.58 percent, and leading battery maker LG Energy Solution fell 0.63 percent.

Chip giant SK hynix retreated 1.03 percent, and Samsung SDI inched down 0.19 percent. LG Chem decreased 0.18 percent.

Carmakers fell, with top automaker Hyundai Motor sinking 0.98 percent and Kia going down 0.97 percent.

Major biotech firm Samsung Biologics dropped 1.01 percent, and internet giant Naver decreased 0.73 percent.

The local currency was trading at 1,338.95 won against the US dollar at 9:15 a.m., down 2.45 won from the previous session's close. (Yonhap)