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Seoul shares open lower on tech, auto, steel losses

All Headlines 09:33 December 04, 2018

SEOUL, Dec. 4 (Yonhap) -- South Korean stocks opened lower Tuesday as investors offloaded tech, auto and steel shares.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.82 points, or 0.46 percent, to 2,122.11 in the first 15 minutes of trading.

The main index ended 1.67 percent higher at 2,131.93 as the United States agreed to postpone a planned tariff hike on Chinese goods for 90 days at the Group of 20 summit Saturday in Argentina. China said it will increase purchases of farm and industrial goods to reduce the trade imbalance between the so-called G-2 economies.

Foreigners and institutions turned net sellers. They sold a combined 36 billion won (US$32 million) worth of stocks. Individuals bought a net 37 billion won stocks to offset the net selling.

Tech, auto and steel stocks led losses.

Market bellwether Samsung Electronics Co. fell 1.16 percent, No. 2 chipmaker SK hynix Inc. declined 1.13 percent, top carmaker Hyundai Motor Co. shed 1.84 percent and leading steelmaker POSCO was down 1.16 percent.

Among gainers, the state-run utility Korea Electric Power Corp. rose 3.36 percent and dominant tobacco company KT&G Corp. climbed 0.48 percent.

The local currency was trading at 1,112.20 won against the U.S. dollar, down 1.50 won from the previous session's close
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