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Seoul shares open lower on extended oil slump

All News 09:19 January 18, 2016

SEOUL, Jan. 18 (Yonhap) -- South Korean shares opened sharply lower on Monday after U.S. stocks dropped sharply on Friday amid expectations of a further slide in crude oil prices.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 19.23 points, or 1.02 percent, to 1,859.64 in the first 15 minutes of trading.

Most market heavyweights remained in negative terrain.

Top market cap Samsung Electronics dipped 2.83 percent, and global chipmaker SK hynix was down 2.24 percent.

No. 1 automaker Hyundai Motor declined 1.44 percent, and its smaller affiliate Kia Motors shed 3.33 percent.

The local currency was trading at 1,215.85 won against the U.S. dollar as of 9:15 a.m., down 2.45 won from the previous session's close.

U.S. stocks plunged on Friday on fears that a further slide in oil prices could fuel disinflation around the globe.

The Dow Jones industrial average tumbled 2.39 percent, while the Nasdaq Composite index shed 2.74 percent.


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