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Seoul stocks open lower amid global economic slowdown

All Headlines 09:25 August 16, 2019

SEOUL, Aug. 16 (Yonhap) -- Seoul stocks opened lower Friday amid lingering concerns of a global economic slowdown sparked by the U.S.-China trade row.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.31 points, or 1 percent, to 1,919.06 in the first 15 minutes of trading.

U.S. stock markets suffered a 3 percent plunge Wednesday on fears of a recession, although it made a slight recovery the following day.

In its latest salvo, China said it would retaliate against the United States if Washington slaps tariffs on its products next month. Concerns over a slowdown in the U.S. economy have increased, but upbeat data on American consumer spending in July gave the market a little breather.

In Seoul, most large-cap stocks fell across the board.

Market bellwether Samsung Electronics shed 0.33 percent to 43,550 won (US$35), while No. 2 chipmaker SK hynix dropped 1.56 percent to 75,700 won.

No. 1 automaker Hyundai Motor slid 1.57 percent to 125,500 won, while POSCO, South Korea's top steelmaker, dipped 1.7 percent to 202,500 won. LG Chem, the nation's largest chemical company, dived 1.7 percent to 318,000 won.

The local currency was trading at 1,214.40 won against the U.S. dollar, down 1.7 won from the previous session's close.


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