Seoul shares open sharply lower on Spain fears

South Korean stocks started sharply lower on Monday as renewed concern over debt-ridden Spain raised the specter that the eurozone fiscal crisis is worsening, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points, or 1.53 percent to 1,795.13 in the first 15 minutes of trading.

Shares moved downward across the board, with top-cap Samsung Electronics and Hyundai Motor, second-largest by market cap, slumping more than 2 percent each.

The Spanish region of Valencia indicated last week it may soon need emergency funds to repay its debt of nearly 3 billion euros ($3.63 billion).

The local currency was trading at 1,146.25 won against the U.S. dollar as of 9:15 a.m., down 5.05 won from Friday's close. (Yonhap News)