Seoul shares open lower on falling oil prices

South Korean stocks opened lower Tuesday as falling oil prices pressured down chemical stocks and gave pause to rallies in local equity prices.

The benchmark Korea Composite Stock Price Index shed 6.3 points, or 0.31 percent, to 2,023.31 in the first 15 minutes of trading.

Petrochemical shares slid as U.S. crude on Monday fell below $40 per barrel for the first time since April on concerns over a supply glut.

Top refiner SK Innovation decreased 1.33 percent, and No. 3 S-Oil retreated 1.41 percent. 

Cosmetic shares rebounded following heavy losses stemming from customs office's plan to put limit on duty-free products up for sale.

AmorePacific, the nation's leading cosmetic maker, rose 1.32 percent, and its smaller rival LG Household & Healthcare gained 1.16 percent.

The local currency was trading at 1,108.8 won against the U.S. dollar as of 9:15 a.m., down 0.8 won from Monday's close. (Yonhap)