Seoul stocks open flat on profit-taking

South Korean shares opened flat Monday, as investors went for profit-taking after the market surged by more than 2 percent last week on the back of hopes for stimulus measures in major economies amid the new coronavirus outbreaks.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.08 point, or near zero percent, to 2,201.11 in the first 15 minutes of trading.

Investors took to the sidelines to keep a watchful eye on additional stimulus measures under review.

European leaders came to a disagreement over a 750 billion-euro ($857 billion) stimulus package this weekend, while the US Senate is set to roll out an emergency virus relief package worth some $1 trillion this week, aimed at supporting pandemic-hit businesses.

Large caps traded mixed in Seoul.

Market bellwether Samsung Electronics gained 0.55 percent, while No. 2 chipmaker SK hynix slipped 0.24 percent.

Top pharmaceutical firm Samsung BioLogics stayed flat, with leading chemical maker LG Chem dipping 1.74 percent.

The local currency was trading at 1,203.5 won against the US dollar, down 1.6 won from the previous session's close. (Yonhap)