Seoul shares open lower on tech, auto losses

SEOUL: Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S and P 500 and Nasdaq composite gained 0.2 percent and 0.6 percent, respectively. The Seoul stock market lost ground overall, led by tech and automotive losses. Market behemoth Samsung Electronics shed 0.34 percent, and leading automaker Hyundai Motor fell 1.09 percent. Financial shares also retreated, with KB Financial and Shinhan Financial losing 0.71 percent and 0.76 percent, respectively. Top refiner SK Innovation, however, jumped 3.18 percent ahead of board meetings to determine the company's merger with group affiliate SK E and S to create a me ga-sized energy company. Shipbuilders also enjoyed brisk trading, with Samsung Heavy Industries surging 6.23 percent and HD Hyundai Heavy Industries climbing 1.31 percent. The local currency was trading at 1,385.15 won against the U.S. dollar at 9:15 a.m., up 0.75 won from the previous session's close. Source: Yonhap News Agency