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Seoul shares open lower on US losses

Dec. 5, 2023 - 09:36 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)

Seoul shares got off to a weak start Tuesday, tracking overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index retreated 17.21 points, or 0.68 percent, to 2,497.74 in the first 15 minutes of trading.

On Monday, all three major US indexes lost ground ahead of the release of key job market data later this week, including an October update on job openings.

The S&P 500 gave back 0.54 percent after hitting its highest level in over a year the previous session. The Dow Jones Industrial Average dropped 0.11 percent, and the tech-heavy Nasdaq Composite lost 0.84 percent.

In Seoul, most large-cap stocks started in negative territory.

Market bellwether Samsung Electronics fell 0.96 percent, and No. 2 chipmaker SK Hynix retreated 1.45 percent.

Leading battery maker LG Energy Solution decreased 0.7 percent, and its smaller rival Samsung SDI went down 0.11 percent.

Posco Future M plunged 4.89 percent after posting a 10.38 percent hike the previous day.

Auto shares also went south, with Hyundai Motor down 0.22 percent and its smaller affiliate Kia declining 0.59 percent.

Top chemical producer LG Chem lost 1.16 percent, and steel giant Posco Holdings slid 1.68 percent.

The local currency was trading at 1,311.00 won against the US dollar, down 7 won from the previous session's close. (Yonhap)