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Stock market in South Korea (Yonhap) |
South Korean stocks opened lower Friday, tracking an overnight Wall Street plunge that was spurred by a tax raise proposal in the United States.
The benchmark Korea Composite Stock Price Index fell 25.91 points, or 0.82 percent, to 3,151.61 points in the first 15 minutes of trading.
Stocks deepened losses as investors weighed the impact of the potential tax hike on the wealthy in the United States on social spending.
Overnight, the Dow Jones Industrial Average declined 0.94 percent, with the S&P 500 and the tech-heavy Nasdaq Composite dipping 0.92 percent and 0.94 percent, respectively.
In Seoul, top cap Samsung Electronics lost 0.61 percent, and No. 2 chipmaker SK hynix shed 2.63 percent.
Giant internet portal operator Naver fell 1.31 percent, while pharmaceutical giant Samsung Biologics edged up 0.25 percent.
Leading chemical firm LG Chem moved down 1.49 percent, and top automaker Hyundai Motor retreated 1.99 percent.
The local currency was trading at 1,118.95 won against the US dollar, down 1.65 won from the previous session's close. (Yonhap)
