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S. Korean stocks start lower ahead of U.S. jobs data

All News 09:21 October 07, 2016

SEOUL, Oct. 7 (Yonhap) -- South Korean shares opened a tad lower Friday as investors awaited a closely watched U.S. jobs report to figure out the timing of an interest rate hike.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.9 points, or 0.09 percent, to 2,063.4 in the first 15 minutes of trading.

Investors remained cautious ahead of U.S. nonfarm payroll report later in the day to get clues on whether the Federal Reserve will raise rates before the end of this year.

Most market heavyweights traded weak, while Samsung affiliates were bullish after U.S. hedge fund Elliott Management urged Samsung Electronics to streamline its corporate structure and increase returns to shareholders.

Market kingpin Samsung Electronics rose 0.77 percent after posting upbeat third-quarter earnings guidance thanks to its memory chip and display businesses despite a global recall of its Galaxy Note 7 smartphones.

The local currency was trading at 1,115.8 won against the U.S. dollar, down 3.6 won from Thursday's close.


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