Seoul shares open lower on battery, energy stock losses


Seoul shares opened lower on Monday as many major stocks, particularly in the battery and energy sectors, experienced declines. The Korea Composite Stock Price Index fell by 0.2 percent to 2,789.89 in the first 15 minutes of trading. LG Energy Solution, a prominent battery company, saw a 2.75 percent drop after announcing the suspension of its joint US plant construction with General Motors due to a slowdown in the electric vehicle market. Similarly, Samsung SDI, a smaller competitor, also experienced a 1.68 percent decline. Energy-related stocks such as SK Innovation and LG Chem also faced weaker trading, with declines of 1.25 percent and 1.95 percent, respectively. However, market giant Samsung Electronics saw a slight increase of 0.12 percent, while leading automakers Hyundai Motor and Kia rose by 0.58 percent and 0.34 percent, respectively. Additionally, the local currency was trading at 1,387.25 won against the US dollar at 9:15 a.m., marking a decrease of 0.55 won from the previous session's close. In Seoul, the stock market began the week with a downturn as a number of key stocks, particularly in the battery and energy sectors, experienced declines. The Korea Composite Stock Price Index dropped by 0.2 percent to 2,789.89 in the initial 15 minutes of trading. LG Energy Solution, a major battery company, saw a 2.75 percent decrease after announcing the suspension of its joint US plant construction with General Motors due to a slowdown in the electric vehicle market. Similarly, Samsung SDI, a smaller competitor, also experienced a 1.68 percent decline. Energy-related stocks such as SK Innovation and LG Chem also faced weaker trading, with declines of 1.25 percent and 1.95 percent, respectively. However, market giant Samsung Electronics saw a slight increase of 0.12 percent, while leading automakers Hyundai Motor and Kia rose by 0.58 percent and 0.34 percent, respectively. Additionally, the local currency was trading at 1,387.25 won against the US dollar at 9:15 a.m., marking a decrease of 0.55 won from the previous session's close.


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