SEOUL: South Korean stocks started out lower Wednesday on overnight falls in Wall Street and downbeat data from China.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.02 points, or 0.94 percent, to 1,896.21 in the first 15 minutes of trading.
Amid persisting woes over a rate hike in the U.S., concerns over China’s economy also continue with its purchasing managers’ index (PMI) falling to a three-year low of 49.7 for August.
The Dow Jones industrial average also dropped 2.8 percent on Tuesday, dented by the resumption of China’s stock market rout and its weak economic data.
Tech companies traded bearish, with handset giant Samsung Electronics surrendering 1.2 percent and top chipmaker SK hynix losing 1.45 percent. Flat screen maker LG Display retreated 1.74 percent.
Financial firms were also in negative turf. Samsung Life Insurance slipped 0.41 percent and nonlife insurer Samsung Fire & Marine Insurance shed 0.95 percent.
The local currency was trading at 1,176.85 won against the U.S. dollar as of 9:15 a.m., down 5.05 won from Tuesday’s close.
