SEOUL: South Korean stocks started lower on Monday as investors offloaded shippers and tech firms, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.71 points, or 0.62 percent, to 2,028.36 in the first 15 minutes of trading.
Shipping firms tumbled amid rumors that the government is pushing for a merger between major market players. Hanjin Shipping and Hyundai Merchant Marine both dropped over 7 percent.
Tech companies also weighed down on the market, with market leader Samsung Electronics and chip-making giant SK hynix trading lower.
Insurers, however, got off to a strong start. Samsung Fire and Marine Insurance gained over 1 percent.
The local currency was trading at 1,152.95 won against the U.S. dollar as of 9:15 a.m., down 11.05 won from Monday’s close.
