Seoul shares open lower on corporate earnings woes
Published : 2013-01-14 09:57
Updated : 2013-01-14 15:43
South Korean stocks opened 0.16 percent lower Monday as investors were jittery over future corporate performances due to a strong local currency and the Japanese yen‘s weakness, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.16 points to 1,993.51 in the first 15 minutes of trading.
Auto and tech shares lost ground, with No. 2 automaker Kia Motors shedding more than 1.5 percent and market bellwether Samsung Electronics falling 0.13 percent.
The local currency was trading at 1,055.85 won against the U.S. dollar as of 9:15 a.m., down 1.2 won from Friday’s close. The Korean won rose to a 17-month high against the greenback and breached the 1,100 won mark against the yen for the first time in more than three years on Friday, raising concern over exporters‘ overseas earnings. (Yonhap News)