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S. Korean shares open lower on concerns over trade war

All News 09:33 July 11, 2018

SEOUL, July 11 (Yonhap) -- South Korean stocks opened lower Wednesday amid concerns over an escalating trade war between the United States and China.

The benchmark Korea Composite Stock Price Index lost 23.8 points, or 1.04 percent, to 2,270.36 in the first 20 minutes of trading.

The main index did not track overnight gains on Wall Street. The Dow Jones industrial average rose 0.58 percent, and the tech-heavy Nasdaq composite index climbed 0.04 percent.

"The risk of a trade war between the United States and China weighed on investment sentiment," said Jeong Dai, an analyst at Meritz Securities Co., citing the Donald Trump administration's move to slap tariffs on US$200 billion worth of Chinese products.

The decline came a day before the South Korean central bank decides whether to hold the country's key rate at the current 1.5 percent.

Most large-cap stocks fell across the board.

Among decliners, market bellwether Samsung Electronics Co. lost 1.4 percent, No. 2 chipmaker SK hynix Inc. fell 1.26 percent, and top carmaker Hyundai Motor Co. shed 0.4 percent.

Samsung Biologics, the health care unit of Samsung Group, rose 0.12 percent.

The local currency was trading at 1,120 won against the U.S. dollar, down 4 won from the previous session's close.


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