Seoul stocks open lower on US losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, with tech shares weighing on the main index.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.89 points, or 1.01 percent, to 2,926.41 in the first 15 minutes of trading.

The Dow Jones Industrial Average retreated 0.7 percent to 34,496 as a global energy crunch increased concerns about inflation. The tech-heavy Nasdaq composite declined 0.6 percent to 14,486.

The Korean stock market closed Monday due to an extended holiday tied to Hangeul Day, which celebrates the proclamation of the Korean alphabet.

Market bellwether Samsung Electronics Co. fell 2.5 percent to 69,700 won, top automaker Hyundai Motor Co. shed 0.7 percent to 204,000 won, and No. 2 chipmaker SK hynix Inc. declined 1.7 percent to 92,400 won.

Among gainers, leading refiner SK Innovation Co. rose 0.6 percent to 250,000 won, leading car battery firm LG Chem Ltd. climbed 2.2 percent to 782,000 won, and state-run Korea Gas Corp. was up 1 percent to 48,950 won, keeping the main index from falling further.

The local currency was trading at 1,197.8 won against the US dollar, down 3.2 won from the previous session's close. (Yonhap)