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Seoul stocks open tad lower on profit-taking

All News 09:26 August 14, 2020

SEOUL, Aug. 14 -- South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading.

The pullback was largely attributed to foreign investors' profit-taking of market heavyweights.

The nine-session winning streak that ended Thursday raised valuation pressure, analysts said.

Most large caps traded lower.

Market bellwether Samsung Electronics lost 0.85 percent, while No. 2 chipmaker SK hynix climbed 0.12 percent.

Top pharmaceutical firm Samsung Biologics remained flat, and Celltrion retreated 0.65 percent.

Leading chemical maker LG Chem dipped 2.04 percent, and rechargeable battery maker Samsung SDI dropped 2.87 percent.

Hyundai Motor, the country's largest automaker, slid 0.29 percent, while top steelmaker POSCO gained 1.21 percent.

Internet portal giant Naver rose 0.16, and its rival Kakao advanced 0.83 percent.

The local currency was trading at 1,185.20 won against the U.S. dollar, down 1.90 won from the previous session's close.


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