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Seoul stocks open nearly flat following Wall Street losses

All News 09:30 July 08, 2020

SEOUL, July 8 (Yonhap) -- South Korean stocks opened nearly flat Wednesday following overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index rose 0.44 points, or 0.02 percent, to 2,164.61 in the first 15 minutes of trading.

Major U.S. stock indices ended their winning streaks on Tuesday (local time) as a recent surge in the number of novel coronavirus cases dented hopes for a quick economic recovery.

Negative economic forecasts from the Organization for Economic Cooperation and Development and the European Commission also triggered a pullback.

The Dow Jones Industrial Average fell 1.51 percent to 25,890.18, and the Nasdaq Composite dropped 0.86 percent, to 10,343.89.

In Seoul, large-cap stocks opened mixed.

Market behemoth Samsung Electronics rose 0.37 percent, but SK hynix, a major chipmaker, fell 0.47 percent.

Top automaker Hyundai Motor rose 0.60 percent, while leading chemical firm LG Chem slid 0.78 percent.

Pharmaceutical giant Samsung Biologics dipped 0.93 percent, but its local rival Celltrion gained 1.13 percent.

The South Korean currency was trading at 1,196.40 won against the U.S. dollar, down 0.70 won from the previous session's close.
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