Seoul shares open lower on large cap losses

SEOUL, Sept. 2 (Yonhap) -- South Korean stocks opened lower Monday with most large caps in negative terrain.

The benchmark Korea Composite Stock Price Index shed 7.73 points, or 0.29 percent, to 2,666.58 in the first 15 minutes of trading.

The index had dipped more than 1 percent Thursday on reports of worse-than-anticipated performance by artificial intelligence giant Nvidia, before slightly rebounding on bargain hunting the following day.

U.S. stocks closed higher Friday on growing hopes of a U.S. rate cut, with the U.S. Federal Reserve scheduled to hold its rate-setting meeting on Sept. 17 and 18 (U.S. time).

In Seoul, most large caps were down, with tech and auto shares suffering heavy losses.

Market kingpin and tech giant Samsung Electronics slipped 0.54 percent, while the world's No. 2 chipmaker SK hynix plunged 2.71 percent.

Top portal operator Naver lost 1.66 percent, with leading pharmaceutical company Celltrion dipping 0.99 percent.

Top automaker Hyundai Motor plummeted 3.13 percent, while its smaller affiliate Kia Motors retreated 0.09 percent.

The local currency was trading at 1,338.35 won against the U.S. dollar, down 2.35 won from the previous session.

bdk@yna.co.kr
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