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Seoul stocks open lower on profit-taking

All News 09:25 June 10, 2020

SEOUL, June 10 (Yonhap) -- South Korean stocks opened lower Wednesday as investors raked in profits while taking a wait-and-see approach on the results of the U.S. Federal Reserve meeting due this week.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.97 points, or 0.14 percent, to 2,185.95 in the first 15 minutes of trading.

Seoul shares closed higher for an eighth consecutive session a day earlier, tracking the reopening of businesses across the globe, including the United States.

Overnight, the Dow Jones Industrial Average moved down 1.09 percent, while the tech-heavy Nasdaq Composite moved up 0.29 percent.

Investors were mixed as they awaited the results of the U.S. Federal Open Market Committee meeting that will be delivered Wednesday (U.S. time).

In Seoul, blue chip shares traded mixed across the board.

Market kingpin Samsung Electronics slid 0.54 percent, and No. 2 chipmaker SK hynix added 0.56 percent. Home appliances giant LG Electronics moved up 0.45 percent.

Top online portal operator Naver rose 1.47 percent, and its smaller rival Kakao gained 1.57 percent.

HDC Hyundai Development, a major construction company, advanced 2.89 percent after it called for a renegotiation with creditors a day earlier for the planned acquisition of Asiana Airlines.

The country's No. 2 air carrier, on the other hand, fell 3.94 percent.

The local currency was trading at 1,199.55 won against the U.S. dollar, down 1.85 won from the previous session's close.


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