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Seoul shares open lower telecom, steel losses

All News 09:27 June 07, 2019

SEOUL, June 7 (Yonhap) -- South Korean stocks opened lower Friday, led by losses in telecom and steel shares.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.24 points, or 0.45 percent, to reach 2,059.87 in the first 15 minutes of trading.

Shares lost ground across the board as both foreigners and institutions offloaded market heavyweights, despite overnight gains in Wall Street on hopes of a delay in the U.S.'s tariffs on imports from Mexico.

Tech shares were down. Market behemoth Samsung Electronics edged down 0.68 percent, and major chipmaker SK hynix declined 0.46 percent.

Telecoms and steel shares also traded bearish. LG Uplus, the nation's No. 3 carrier, sank 3.47 percent on concerns over its using Huawei equipment for its 5G base stations, and leading steelmaker POSCO declined 1.05 percent.

The local currency was changing hands at 1,179.5 won against the U.S. dollar, down 0.9 won from the previous session's close.


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