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Seoul shares open lower on continued trade tension

All News 09:22 June 03, 2019

SEOUL, June 3 (Yonhap) -- South Korean stocks got off to a weak start Monday as an intensifying trade conflict between the United States and China continued to cast a shadow over the local market.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.59 points, or 0.05 percent, to reach 2,040.77 in the first 15 minutes of trading.

Institutions sold off local shares to weigh on the broader market, offsetting buying by foreign and retail investors.

Tech shares were mixed. Top market cap Samsung Electronics gained 1.76 percent, while major chipmaker SK hynix fell 0.46 percent.

Bio and chemical shares, however, were bearish.

Pharmaceutical giant Celltrion lost 0.53 percent, and LG Chem, the nation's leading chemical firm, backtracked 0.75 percent.

The local currency was changing hands at 1,188.9 won against the U.S. dollar, up 2.0 won from the previous session's close.


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