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Seoul stocks open lower on trade concerns

All News 09:28 June 08, 2018

SEOUL, June 8 (Yonhap) -- South Korean stocks opened lower Friday, as foreigners and institutions sold off local stocks amid trade concerns.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.51 points, or 0.34 percent, to 2,462.07 in the first 20 minutes of trading.

Investors took to the sidelines ahead of a Group of Seven summit, in which trade tensions between the United States and its major trade partners will take center stage in talks.

Tech shares dropped, with market bellwether Samsung Electronics edging down 1.28 percent and SK hynix, a major chipmaker, retreating 1.32 percent.

Steel shares slipped following a strong rally in the previous session.

Industry leader POSCO shed 1.63 percent, and its smaller rival Hyundai Steel sank 4.32 percent.

The South Korean currency was trading at 1,071.5 won against the U.S. dollar, down 2.5 won from the previous session's close.


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