Seoul shares open lower on US losses

SEOUL, June 21 (Yonhap) -- South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.73 points, or 0.58 percent, to 2,355.50.

On Tuesday (local time), the Dow Jones industrial average moved down 0.29 percent to end at 21,467.14, while the tech-heavy Nasdaq Composite also declined 0.82 percent to 6,188.03.

Analysts expected the addition of China blue-chip stocks to MSCI's emerging markets index from next year will have little negative impact on the local stock market.

"It may draw more foreign capital to China and other emerging markets. We don't expect any massive capital outflow from the Seoul bourse and any sharp plunge in the KOSPI index (this year)," KB Securities analyst Lee Eun-taek said.

Large-cap stocks fell across the board as investors went on profit taking.

Market bellwether Samsung Electronics fell 0.42 percent, top automaker Hyundai Motor declined 0.90 percent and leading auto parts maker Hyundai Mobis dropped 1.56 percent.

Defensive stocks such as mobile carriers, utility firms and consumer goods makers were trading in positive territory. State-run electricity provider Korea Electric Power Corp. rose 1.09 percent, No. 1 mobile carrier SK Telecom was up 2.61 percent and cosmetics giant AmorePacific climbed 1.16 percent.

The local currency was trading at 1,141.15 won against the U.S. dollar, down 5.75 won from the previous session's close.

kyongae.choi@yna.co.kr
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