Seoul shares open sharply lower on U.S. losses

South Korean stocks started sharply lower, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) lost 29.41 points, or 1.12 percent, to 2,604.04 in the first 15 minutes of trading. Overnight, U.S. stocks closed sharply lower due to poorer-than-expected earnings outlooks of chip equipment-maker ASML Holdings. The Dow Jones Industrial Average fell 0.75 percent, and the tech-heavy Nasdaq Composite tumbled 1.01 percent. In Seoul, most shares opened weaker across the board. Samsung Electronics, the world's largest memory chipmaker, sank 2.46 percent, and its chipmaking rival SK hynix slumped 4.2 percent. Major banking shares of KB Financial Group and Shinhan Financial Group declined 1.05 percent and 1.38 percent, respectively. Leading retailer Lotte Shopping decreased 0.63 percent, and entertainment giant CJ ENM fell 2.03 percent. The local currency was trading at 1,366.15 won against the U.S. dollar, down 4.85 won from the previous session. Source: Yonhap News Agency