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S. Korea stocks open lower on profit-taking

All News 09:21 January 13, 2017

SEOUL, Jan. 13 (Yonhap) -- South Korean shares opened sharply lower Friday as investors apparently turned to selling on profit-taking.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 10.60 points, or 0.51 percent, to 2,076.54 in the first 15 minutes of trading.

The index closed at 2,087.14 on Wednesday, the highest since July 16, 2015.

The drop also followed overnight losses on Wall Street. The Dow Jones industrial average shed 0.32 percent to 19,891.00 on Thursday (New York time).

Most large caps were in negative terrain.

Market bellwether Samsung Electronics plunged 2.11 percent, one day after reaching a record high of 1,940,000 won (US$1,646).

Top automaker Hyundai Motor added 0.68 percent, but leading mobile carrier SK Telecom tumbled 1.09 percent.

The local currency was trading at 1,178.75 won against the U.S. dollar, up 5.95 won from the previous session's close.


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