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S. Korean stocks open sharply lower on U.S.-China talks debacle

Stocks 09:23 October 10, 2019

SEOUL, Oct. 10 (Yonhap) -- South Korean stocks opened sharply lower Thursday amid fears of the latest U.S.-China trade negotiations coming to an end without a deal.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.1 points, or 0.69 percent, to 2,032.15 in the first 15 minutes of trading.

The weak start followed reports that the planned high-level trade negotiations between the United States and China may be in for a big disappointment.

The reports said working-level negotiations held in Washington this week produced little or no progress. The high-level talks are scheduled to be held Thursday-Friday (U.S. time).

Most large caps were in negative terrain, with market bellwether Samsung Electronics shedding 0.92 percent and No. 2 chipmaker SK hynix plunging 2.35 percent.

Leading automaker Hyundai Motor tumbled 1.93 percent, while top pharmaceutical company Celltrion lost 0.55 percent.

Top chemicals firm LG Chem added 0.17 percent.

The South Korean won lost ground against the U.S. dollar, trading at 1,198.80 won per dollar, down 5.7 won from the previous session's close.

bdk@yna.co.kr
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