ID :
185970
Thu, 06/02/2011 - 05:08
Auther :
Shortlink :
https://oananews.org//node/185970
The shortlink copeid
Seoul shares open lower on Wall Street slump
SEOUL, June 2 (Yonhap) -- South Korean stocks got off to a weak start on Thursday as grim U.S. economic data and subsequent losses on Wall Street rattled investors, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) sank 2 percent, or 42.9 points, to 2,098.44 in the first 15 minutes of trading.
Lower-than-expected private employment data and the weak results from a manufacturing survey pointed to a fragile U.S. economy. Moody's downgrade of Greek debt overnight also shattered investor optimism, sending all sectors into negative territory.
The Dow Jones industrial average fell 2.22 percent and the tech-laden Nasdaq Composite Index suffered a 2.33 percent drop on Wednesday.
The local currency was trading at 1,082.75 won to the greenback as of 9:15 a.m., down 8.15 won from Wednesday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) sank 2 percent, or 42.9 points, to 2,098.44 in the first 15 minutes of trading.
Lower-than-expected private employment data and the weak results from a manufacturing survey pointed to a fragile U.S. economy. Moody's downgrade of Greek debt overnight also shattered investor optimism, sending all sectors into negative territory.
The Dow Jones industrial average fell 2.22 percent and the tech-laden Nasdaq Composite Index suffered a 2.33 percent drop on Wednesday.
The local currency was trading at 1,082.75 won to the greenback as of 9:15 a.m., down 8.15 won from Wednesday's close.
