Seoul shares open tad lower on profit taking
South Korean stocks opened slightly lower Tuesday as investors moved to cash in gains after Seoul shares spiked to an 11-month high the previous day, with their eyes on the ongoing trade talks between the United States and China.
The benchmark Korea Composite Stock Price Index lost 2.4 points, or 0.08 percent, to 2,853.37 in the first 15 minutes of trading.
Overnight, Wall Street was little changed as investors were waiting for the outcome of the ongoing trade negotiations between the US and China. The Dow Jones Industrial Average and the S&P 500 closed nearly flat, while the tech-heavy Nasdaq composite rose 0.31 percent.
Officials from Washington and Beijing met in London on Monday for talks on various trade issues, including tariffs, and plan to continue their negotiations Tuesday.
In Seoul, market heavyweight Samsung Electronics went down 1 percent, and its chipmaking rival SK hynix dropped 0.44 percent.
Top automaker Hyundai Motor shrank 0.35 percent, while its sister Kia dipped 0.94 percent.
Leading internet portal operator Naver slipped 0.5 percent, and Kakao, the operator of the country's dominant mobile messenger, fell 2.53 percent.
On the other hand, leading battery maker LG Energy Solution gained 0.7 percent, and major defense firm Hanwha Aerospace climbed 1.48 percent.
Shipbuilders started bullish, with HD Hyundai Heavy adding 0.96 percent, while Hanwha Ocean surged 1.72 percent and HD Korea Shipbuilding spiked 3.11 percent.
Nuclear power plant manufacturer Doosan Enerbility also went up 1.26 percent.
The local currency was trading at 1,354.8 won against the greenback at 9:15 a.m., up 1.6 won from the previous session. (Yonhap)
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