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Seoul stocks open lower on inflation concerns

Stocks 09:33 May 04, 2021

SEOUL, May 4 (Yonhap) -- South Korean stocks opened lower Tuesday on inflation concerns and the partial resumption of short selling.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.66 points, or 0.34 percent, to 3,116.54 points in the first 15 minutes of trading.

The KOSPI got off to a weak start after a five-session losing streak.

Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed strong. South Korea's consumer price index rose 2.3 percent on-year in April, the fastest pace in almost four years.

Market heavyweights also came under selling pressure on the second day of the resumption of short selling after a 14-month ban.

Market kingpin Samsung Electronics added 0.37 percent, while No. 2 chipmaker SK hynix shed 1.14 percent.

Internet portal giant Naver edged down 0.14 percent, and its rival Kakao retreated 1.75 percent.

Giant chemical maker LG Chem retreated 0.66 percent, and top pharmaceutical firm Samsung Biologics decreased 2.59 percent.

The local currency was trading at 1,121.75 won to the U.S. dollar, up 2.25 won from the previous session's close.

jwc@yna.co.kr
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