Published : 2013-03-20 09:34
Updated : 2013-03-20 09:34
South Korean stocks got off to a weak start Wednesday, dented by renewed eurozone concerns after the Cypriot parliament rejected a tax proposal needed for its bailout, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.94 points, or 0.3 percent to 1,972.62 in the first 15 minutes of trading.
Most shares trended downward across the board, with those of tech blue-chips and financial firms leading the decline. Market bellwether Samsung Electronics slipped 0.54 percent, with No. 4 lender Shinhan Financial falling 1.3 percent.
The parliament of Cyprus on Tuesday rejected a tax proposal on bank deposits, a condition the International Monetary Fund said it must have in order to get a 10 billion euro (US$12.9 billion) rescue fund.
The local currency was trading at 1,116.55 won against the U.S. dollar as of 9:15 a.m., down 5.6 won from Tuesday's close. (Yonhap News)