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S. Korean shares open lower on profit-taking

All News 09:22 October 10, 2016

SEOUL, Oct. 10 (Yonhap) -- South Korean shares opened sharply lower Monday as investors apparently sought to cash in early gains.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.13 points, or 0.54 percent, to 2,042.67 in the first 15 minutes of trading.

The weak start followed losses on Wall Street last week.

On Friday, Dow Jones industrial average shed 0.15 percent to 18,240.49, with the tech-laden Nasdaq slipping 0.27 percent to 5,292.40.

Large market caps traded mixed, while market kingpin Samsung Electronics plunged 4.10 percent with investors moving to lock in on recent gains.

The tech-giant added 0.89 percent to close at a record high of 1,706,000 won on Friday.

Top portal operator Naver added 2.25 percent, while leading automaker Hyundai Motor tumbled 2.93 percent.

Cosmetics giant AmorePacific spiked 2.09 percent, with global steelmaker POSCO also adding 1.99 percent.

The local currency was trading at 1,113.55 won against the U.S. dollar as of 9:15 a.m., up 1.95 won from Friday's close.


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