SEOUL: South Korean stocks started lower Monday on losses in tech firms and oil refiners with the Korean won declining sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.42 points, or 0.71 percent, to 1,872.62 in the first 15 minutes of trading.
Market bellwether Samsung Electronics tumbled 1.33 percent and chipmaker SK hynix lost 1.43 percent, while Cheil Industries, Samsung Group’s de facto holding company, slumped 3.09 percent.
SK Innovation, the leading oil refiner, slipped 2.39 percent and No. 3 S-Oil dropped 2.08 percent.
The local currency was trading at 1,198.6 won against the U.S. dollar as of 9:15 a.m., down 5.2 won from Friday’s close, on growing speculation that the U.S. Federal Reserve may start raising its interest rates this month.
