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Seoul stocks open sharply lower on Wall Street losses

All News 09:21 May 04, 2020

SEOUL, May 4 (Yonhap) -- Seoul stocks opened sharply lower Monday, tracking losses on Wall Street amid the new coronavirus pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 46.72 points, or 2.4 percent, to 1,900.84 in the first 15 minutes of trading.

U.S. stocks plunged Friday (local time) after U.S. President Donald Trump indicated he may consider imposing tariffs on China over its handling of the novel coronavirus outbreak, renewing bilateral tension between the world's two largest economies.

The Dow Jones Industrial Average fell 2.55 percent to close at 23,723.69, while the Nasdaq slid 3.2 percent to 8,604.95.

In Seoul, most large-cap stocks got off to a weak start.

Market bellwether Samsung Electronics plunged 2.5 percent, and No. 2 chipmaker SK hynix shed 2.03 percent.

South Korea's No. 1 automaker, Hyundai Motor, lost 2.67 percent, while auto parts maker Hyundai Mobis declined 2.33 percent.

Top chemical firm LG Chem dived 3.05 percent, and leading steelmaker POSCO tumbled 3.79 percent.

The local currency was trading at 1,227.8 won against the U.S. dollar, sharply down 9.6 won from the previous session's close.
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