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Seoul stocks open tad lower on economic slump woes

All News 09:32 July 31, 2020

SEOUL, July 31 (Yonhap) -- South Korean shares opened slightly lower Friday, tracking overnight losses on Wall Street sparked by concerns over an economic slump in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03 points, or 0.18 percent, to 2,262.98 in the first 15 minutes of trading.

The U.S. economy shrank by 32.9 percent in the second quarter this year, marking the worst contraction in 73 years.

The Dow Jones Industrial Average lost 0.85 percent to close at 26,313.65 on Thursday (New York time), with the S&P 500 losing 0.38 percent. The Nasdaq composite index gained 0.43 percent.

Most large caps traded mixed in Seoul.

Market bellwether Samsung Electronics lost 0.68 percent, and No. 2 chipmaker SK hynix dipped 1.17 percent.

Hyundai Motor, the country's largest automaker, retreated 0.78 percent, with its smaller affiliate Kia Motors down 1.84 percent.

Internet giant Naver jumped 2.21 percent, with its rival Kakao advancing 3.16 percent.

Top pharmaceutical company Samsung Biologics gained 0.82 percent, with Celltrion rising 1.83 percent.

Leading steelmaker POSCO slid 1.01 percent.

The local currency was trading at 1189.50 won against the U.S. dollar, up 4.9 won from the previous session's close.


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