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Seoul stocks open lower on deepening virus woes

(Yonhap)
(Yonhap)

South Korean stocks opened slightly lower on Thursday, tracking overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 4.18 points, or 0.25 percent, to 1,681.28 in the first 15 minutes of trading.

The weak start follows another market crash in New York, apparently caused by fears of the new coronavirus outbreak bringing the US economy to a halt.

The Dow Jones Industrial Average plunged 973.65 points, or 4.44 percent, to close at 20,943.51 on Wednesday (local time).

US President Donald Trump earlier said the next couple of weeks may be "very, very painful."

In Seoul, large caps traded mixed.

Market kingpin Samsung Electronics added 0.44 percent, while No. 2 chipmaker SK hynix advanced 0.77 percent.

Top chemical company LG Chem plunged 1.54 percent, while leading carmaker Hyundai Motor lost 1.05 percent.

The local currency was trading at 1,239.45 won against the US dollar, down 8.95 won from the previous session's close. (Yonhap)
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