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Seoul shares open lower on China uncertainties

All News 09:36 November 28, 2022

SEOUL, Nov. 28 (Yonhap) -- South Korean stocks started off lower Monday, as the continued COVID-19 lockdowns and unrest at an iPhone factory in China weighed on big tech stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.16 points, or 1.24 percent, to 2,407.70 in the first 15 minutes of trading.

The U.S. tech-rich Nasdaq ended lower Friday (U.S. time), with Apple Inc. dipping 2 percent, after media reports it would see a cut in iPhone shipments due to a workers' protest at a main factory in China run by Foxconn.

Beijing has maintained strict COVID-19 restrictions amid a surge in infection cases, causing global supply chain disruptions.

In Seoul, most tech heavyweights declined. Top-cap Samsung Electronics lost about 1.7 percent, and chip giant SK hynix dropped 2.5 percent.

Top automaker Hyundai Motor was down 1 percent, and internet portal operator Naver also slid nearly 2 percent.

The local currency had been trading at 1,339.50 won against the U.S. dollar as of 9:15 a.m., down 15.8 won from Friday's close.


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