South Korean stocks opened lower Friday as investors opted for profit-taking after the market closed bullish in the previous trading session following the central bank's rate cut, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) moved down 11.68 points, or 0.59 percent, to 1,967.77 in the first 15 minutes of trading.
Shares lost ground across the board, with No. 1 carmaker Hyundai Motor losing 2.07 percent and market behemoth Samsung Electronics moving down 1.06 percent. Leading shipbuilder Hyundai Heavy Industries shed 0.49 percent.
Seoul shares gathered ground on Thursday as the central bank slashed the key interest rate for the first time in seven months in a bid to lend support to the government's drive to stimulate the local economy.
The local currency was trading at 1,100.85 won against the U.S. dollar as of 9:15 a.m., down 9.85 won from Thursday's close. (Yonhap News)
