Seoul shares open lower on ECB's disappointing stimulus

South Korean stocks got off to a weak start Friday following overnight losses in the global equity markets as the European Central Bank came up with disappointing stimulus measures.

The benchmark Korea Composite Stock Price Index lost 14.35 points, or 0.72 percent, to 1,979.72 in the first 15 minutes of trading.

The ECB said it will extend its quantitative easing program until at least March 2017 and cut its deposit rate deeper into negative territory.

But the plan failed to satisfy the market, which had expected far greater stimulus, as the United States is on the verge of a rate hike for the first time in a decade later this month.

Market heavyweights led the sharp decline, with market bellwether Samsung Electronics tumbling 1.09 percent and Hyundai Motor, the second-largest company by market cap, sinking 1.31 percent.

AmorePacific, the leading cosmetics firm, lost 0.6 percent, and SK Innovation, No. 1 oil refiner, fell 0.78 percent.

The local currency was trading at 1,156 won against the U.S. dollar as of 9:15 a.m., up 8.6 won from Thursday's close. (Yonhap)