Seoul shares open lower on tech losses amid growth woes
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)
South Korean stocks opened lower Friday, led by declines in big-cap tech shares amid concerns about an economic slowdown.
The benchmark Korea Composite Stock Price Index (Kospi) shed 32.29 points, or 1.29 percent, to 2,472.38 in the first 15 minutes of trading.
The country's industrial output, retail sales and facility investment all fell on-month in October, deepening concerns about a lack of growth momentum, government data showed.
Presenting a bleak growth outlook for 2025, the Bank of Korea on Thursday unexpectedly slashed its key rate by a quarter percentage point to 3.0 percent.
Market bellwether Samsung Electronics fell 1.8 percent, and chip giant SK hynix lost 0.68 percent.
Leading battery maker LG Energy Solution sank 2.61 percent, and leading chemicals producer LG Chem dropped 3.28 percent.
Carmakers opened lower, as top automaker Hyundai Motor decreased 0.23 percent and its sister affiliate Kia tumbled 1.89 percent.
Top steelmaker Posco Holdings slid 2.54 percent, and internet platform giant Naver dived 1.47 percent.
Financials were under heavy downward pressure. KB Financial Group dropped 1.63 percent, and Shinhan Financial Group declined 1.12 percent.
The local currency was trading at 1,394.35 won against the greenback at 9:15 a.m., up 1.25 won from the previous session.
US markets were closed Thursday for Thanksgiving. (Yonhap)
