Seoul stocks open lower amid fears of COVID-19 resurgence

South Korean shares opened lower Tuesday, following a sharp increase in new coronavirus infections in Seoul and surrounding areas over the holiday weekend.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.31 points, or 0.18 percent, to 2,403.18 in the first 15 minutes of trading.

Fears of a resurgence of COVID-19 spooked investors.

South Korea reported 197 new cases Monday, a temporarily designated holiday, and 279 on Sunday.

The daily new cases surpassed the 200 mark for the first time since early March.

Most large caps traded mixed, but pharmaceutical and internet shares went up due to the virus concerns.

Market bellwether Samsung Electronics added 0.9 percent, while No. 2 chipmaker SK hynix shed 0.87 percent.

Top pharmaceutical firm Samsung Biologics jumped 2.5 percent, and Celltrion advanced 2.96 percent.

Internet portal giant Naver rose 2.62 percent, and Kakao, the operator of mobile messenger app Kakao Talk, surged 3.45 percent.

Leading chemical maker LG Chem dipped 1 percent, and rechargeable battery maker Samsung SDI dropped 1.8 percent.

Hyundai Motor, the country's largest automaker, sank 2.69 percent, with top steelmaker POSCO losing 2.14 percent.

The local currency was trading at 1,184.60 won against the US dollar, unchanged from the previous session's close. (Yonhap)