Seoul stocks open sharply lower on U.S. losses amid slowdown woes

Seoul shares opened sharply lower Friday, tracking overnight losses on Wall Street, as disappointing U.S. economic data raised concerns over an economic slowdown despite the Fed's rate-cut signals. The benchmark Korea Composite Stock Price Index fell 68.48 points, or 2.47 percent, to 2,709.20 in the first 15 minutes of trading. U.S. data showed unemployment claims hit the highest in almost a year and manufacturing shrank. The monthly employment data is set to be released Friday (U.S. time). The Fed signaled this week it is on course to cut its benchmark rates in September if conditions meet its forecast. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics fell 2.2 percent, No. 2 chipmaker SK hynix Inc. plunged 6.9 percent, top carmaker Hyundai Motor Co. shed 3.9 percent, and leading battery maker LG Energy Solution Ltd. was down 2.6 percent. Among gainers, refiner S-Oil Corp. rose 0.7 percent, Hybe, the K-pop powerhouse behind BTS, climbed 1.6 percent, another K-pop agency S M Entertainment gained 0.6 percent, and dominant tobacco company KT and G Corp. was up 0.1 percent. The local currency was trading at 1,373.95 won against the U.S. dollar, down 7.75 won from the previous session's close. Source: Yonhap News Agency