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Seoul shares start lower on tech, battery losses

Dec. 1, 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 Friday. (Yonhap)

South Korean stocks opened sharply lower Friday led by losses from chip and battery shares, bucking overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index lost 24.49 points, or 0.97 percent, to fall to 2,510.8 in the first 15 minutes of trading.

The US stocks continued their November rally on optimism that the Federal Reserve is set to end its hawkish mode. The Dow Jones Industrial Average jumped 1.5 percent, and the S&P 500 gained 0.4 percent.

In Seoul, market bellwether Samsung Electronics fell 1.1 percent, and its chipmaking rival SK hynix retreated 1.34 percent.

LG Energy Solution, leading battery maker and the second-biggest market cap on the main bourse, tumbled 4.95 percent, and Samsung SDI sank 3.92 percent.

Carmakers were also bearish, with industry leader Hyundai Motor declining 1.03 percent and its sister Kia dropping 1.4 percent.

The local currency was trading at 1,298.5 won against the US dollar, down 8.5 won from the previous session's close. (Yonhap)