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Seoul stocks open lower on Wall Street losses

All News 09:38 November 26, 2020

SEOUL, Nov. 26 (Yonhap) -- South Korean stocks opened slightly lower Thursday, taking a cue from overnight losses on Wall Street over disappointing U.S. economic indices.

The benchmark Korea Composite Stock Price Index fell 0.94 point, or 0.04 percent, to 2,600.6 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average retreated 0.58 percent to 29,872.47 points on an increase in weekly U.S. jobless data, weakening hopes for a quick recovery from the pandemic. The Nasdaq composite gained 0.48 percent, but the S&P 500 lost 0.16 percent.

On Thursday, South Korea's central bank is scheduled to announce the key interest rate, with the market consensus pointing at a rate freeze.

In Seoul, most large caps traded mixed.

Market behemoth Samsung Electronics traded flat, while No. 2 chipmaker SK hynix lost 0.62 percent.

Top automaker Hyundai Motor traded flat, but leading chemical company LG Chem advanced 0.25 percent.

Pharmaceutical giant Samsung Biologics retreated 0.5 percent.

Internet giant Naver gained 1.44 percent on concerns of surging COVID-19 outbreaks, with its rival Kakao hiking 1.09 percent.

The local currency was trading at 1,106.85 won against the U.S. dollar, up 2.05 won from the previous session's close.

jwc@yna.co.kr
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