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Seoul shares open lower on China's export curbs, Fed minutesBy Yonhap
Published : July 6, 2023 - 09:45
South Korean stocks got off to a weak start Thursday, dragged down by the fall in tech blue chips as China's export restrictions of metals used in semiconductors and others sapped investor sentiment.
The benchmark Korea Composite Stock Price Index dropped 17.26 points, or 0.67 percent, to 2,561.74 in the first 15 minutes of trading.
Tech heavyweight Samsung Electronics, the world's largest manufacturer of smartphones and memory chips, fell 0.4 percent. Chip giant SK hynix slid 1.6 percent.
On Monday, China's commerce ministry announced restrictions on exporting gallium and germanium used in chips, solar panels and electric vehicles, starting Aug. 1, to protect its national security, requiring its exporters to apply for special state permits.
China is a major global producer and exporter of these materials.
Investors also digested the minutes from the US Federal Reserve's June policy meeting, in which it signaled more interest rate hikes to come to rein in inflation.
Battery makers listed on the Kospi were also trending in the red. Top player LG Energy Solution lost 0.3 percent, and smaller rival Samsung SDI fell 1.3 percent.
Kia, the smaller affiliate of Hyundai Motor, was among the few gainers in early morning trading, climbing 1 percent. Shipyard HD Hyundai Heavy Industries also rose 0.8 percent.
The local currency was trading at 1,305.6 won against the US dollar at 9:15 a.m., down 7 won from Wednesday's close. (Yonhap)
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