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Seoul shares open lower ahead of corporate earnings reportsBy Yonhap
Published : July 24, 2023 - 09:33
South Korean stocks opened lower Monday, as big-cap tech shares lost ground ahead of the release of major corporate earnings reports.
The benchmark Korea Composite Stock Price Index shed 11.49 points, or 0.44 percent, to 2,598.27 in the first 15 minutes of trading.
Investors are awaiting the quarterly results of major companies this week, including chip giants Samsung Electronics and SK hynix.
Eyes are also on the Federal Reserve's two-day rate-setting meeting set to begin Tuesday, where the US central bank is largely expected to raise the key rate by 0.25 percentage point.
On Friday, US stocks closed mixed as investors assessed the latest corporate earnings reports. The Dow Jones Industrial Average inched up 0.01 percent, and the tech-heavy Nasdaq Composite dropped 0.22 percent following recent gains.
In Seoul on Monday, large-cap tech and bio shares led the downturn in the index.
Samsung Electronics lost 0.43 percent, and SK hynix sank 1.48 percent.
Major bio firm Samsung Biologics decreased 1.2 percent, and Celltrion retreated 1.92 percent.
Carmakers also fell, with top automaker Hyundai Motor falling 1.15 percent and Kia going down 1.54 percent.
But steel and battery firms surged, with Posco Holdings rising 11.8 percent and Posco Future M jumping 6.42 percent.
Leading battery maker LG Energy Solution grew 0.88 percent, and LG Chem climbed 1.15 percent.
The local currency was trading at 1,287.55 won against the dollar at 9:15 a.m., down 4.15 won from the previous session's close. (Yonhap)
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