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Seoul stocks open lower on chip, auto losses

All News 09:29 August 03, 2020

SEOUL, July (Yonhap) -- South Korean shares opened lower Monday, led by a decline in chip and auto shares.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.75 points, or 0.34 percent, to 2,241.62 in the first 15 minutes of trading.

The fall is largely attributed to the losses in top caps.

The political feud between the United States and China, South Korea's two largest trade partners, also sapped investor sentiment.

Large caps traded mixed.

Market bellwether Samsung Electronics lost 0.69 percent, and No. 2 chipmaker SK hynix retreated 1.09 percent.

Top pharmaceutical firm Samsung BioLogics shed 0.68 percent.

Hyundai Motor, the country's largest automaker, dipped 1.19 percent, and its smaller affiliate Kia Motors fell 1.98 percent.

Among gainers, leading chemical maker LG Chem spiked 5.11 percent. Internet giant Naver climbed 0.66 percent, with its rival Kakao adding 2.33 percent.

The local currency was trading at 1,195.45 won against the U.S. dollar, down 4.15 won from the previous session's close.


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