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Seoul stocks open lower on looming resurgence of virus cases

All News 09:22 May 12, 2020

SEOUL, May 12 (Yonhap) -- South Korean stocks opened lower Tuesday tracking overnight losses on the Wall Street amid the growing concerns over a resurgence of the new coronavirus around the globe.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.45 points, or 0.44 percent, to 1,926.95 in the first 15 minutes of trading.

The Dow Jones Industrial Average lost 0.45 percent on Monday (local time) while the tech-heavy Nasdaq Composite advanced 0.78 percent, as investors sat on the sidelines over the COVID-19 pandemic.

Rising hope over the reopening of businesses around the globe, including in the U.S., however, limited the decline.

In Seoul, market kingpin Samsung Electronics slid 0.93 percent, and No. 2 chipmaker SK hynix decreased 0.95 percent. Top battery maker Samsung SDI lost 1.22 percent.

Mobile carriers opened higher, with SK Telecom advancing 0.73 percent and its smaller rival KT gaining 0.64 percent. LG Uplus added 0.74 percent.

The local currency was trading at 1,226.95 won against the U.S. dollar, down 6.45 won from the previous session's close.


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