Stocks open lower on US losses
[THE INVESTOR] South Korean stocks opened lower Aug. 21 tracking with foreigners turning net sellers on profit taking. The won rose against the dollar.
The benchmark Korea Composite Stock Price Index fell 2.40 points, or 0.10 percent, to 2,355.97 in the first 15 minutes of trading.
This week, investors are expected to take a wait-and-see attitude ahead of two major events that could affect the markets.
They are the annual economic policy symposium in Jackson Hole, Wyoming, and the Ulchi-Freedom Guardian military drill involving South Korean and US troops aimed at countering North Korean provocations.
On Aug. 18, US stocks closed lower, with the Dow Jones industrial average shedding 0.35 percent to 21,674.51, with the tech-heavy NASDAQ losing 0.09 percent to 6,216.53.
Most large-cap stocks fell across the board, with technology and auto shares leading losses.
Market bellwether Samsung Electronics backtracked 0.47 percent, No. 2 chipmaker SK hynix declined 0.15 percent, and top carmaker Hyundai Motor was down 0.35 percent.
Domestic-centered businesses, such as cosmetics, traded in positive territory. Cosmetics giant AmorePacific rose 0.18 percent, and LG Household & Health Care was up 0.31 percent.
The local currency was trading at 1,137.90 won against the US dollar, up 3.4 won from the previous session‘s close.
By Alex Lee and newswires (alexlee@heraldcorp.com)