Seoul stocks open sharply lower as U.S. market plunges over virus fears
SEOUL, June 12 (Yonhap) -- South Korean stocks nosedived over 4 percent at the opening bell Friday, taking a cue from overnight plunges in U.S. markets over renewed fears about the new coronavirus pandemic, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 80.33 points, or 3.69 percent, to 2,096.45 in the first 15 minutes of trading.
Seoul shares closed lower to snap a nine-day winning streak Thursday, as investor sentiment was hurt by a bleak economic outlook by the U.S. Federal Reserve.
Overnight, Wall Street took a beating over revived concerns that the COVID-19 pandemic may resurge. The Dow Jones Industrial Average plunged 6.9 percent, the largest fall in three months, while the tech-heavy Nasdaq Composite lost 5.27 percent.
Investor sentiment remained subdued as the Fed warned of a "long road" to economic recovery Wednesday over the virus outbreak and vowed to keep interest rates low.
In Seoul, most large caps started in negative terrain.
Market kingpin Samsung Electronics fell 4.42 percent, and No. 2 chipmaker SK hynix declined 4.18 percent.
Top automaker Hyundai Motor shed 5.07 percent, and its affiliate Kia Motors declined 4.9 percent.
The local currency was trading at 1,208.90 won to the U.S. dollar as of 9:15 a.m., sharply down 12.50 won from the previous session's close.
sooyeon@yna.co.kr
(END)
-
New Defense Minister Lee takes office, warns of 'stern' response to possible N.K. provocations
-
(LEAD) Yoon taps ex-deputy NSA for spy chief
-
Gov't to significantly increase international flights to meet travel demand
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
S. Korea to send condolence delegation to UAE over death of president
-
Yoon expresses hope for reopening of Seoul-Tokyo air route to bolster exchanges
-
(LEAD) N. Korea confirms first case of omicron variant of COVID-19: state media
-
Seoul's daily subway ridership hits pandemic-era high on eased restrictions
-
(5th LD) N.K. leader, wearing mask, chairs meeting on omicron outbreak
-
(LEAD) S. Korea looks into cryptocurrency market following TerraUSD, Luna crash
-
S. Korean volunteer fighter in Ukraine doesn't regret his action despite facing imprisonment at home
-
(LEAD) Yoon names ex-Vice FM Cho as ambassador to U.S.
-
S. Korea's Black Eagles aerobatic team to perform in British air shows in July
-
(LEAD) N. Korea reports 6 additional deaths amid COVID-19; military mobilized for drug supply