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Seoul stocks open lower on Wall Street losses

All News 09:23 May 14, 2020

SEOUL, May 14 (Yonhap) -- Seoul stocks opened lower Thursday, tracking losses on Wall Street amid the new coronavirus pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.37 points, or 1.26 percent, to 1,916.05 in the first 15 minutes of trading.

U.S. stocks plunged Wednesday (local time) after Federal Reserve Chair Jerome Powell expected a slow economic recovery from the novel coronavirus fallout. Investor sentiment was also hit by growing concerns over tensions between the United States and China.

The Dow Jones Industrial Average fell 2.17 percent to close at 23,247.97, while the Nasdaq Composite slid 1.55 percent to 8,863.17.

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

Market bellwether Samsung Electronics lost 1.65 percent, and No. 2 chipmaker SK hynix plunged 2.27 percent.

South Korea's No. 1 automaker, Hyundai Motor, shed 0.97 percent, while auto parts maker Hyundai Mobis declined 0.88 percent.

Top chemical firm LG Chem slid 1.70 percent, and leading steelmaker POSCO dipped 1.73 percent.

The local currency was trading at 1,228.40 won against the U.S. dollar, down 4.60 won from the previous session's close.


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