Seoul shares open nearly flat on profit taking

South Korean stocks opened nearly flat on Monday as investors cashed in profits following recent gains amid the eased fears of a potential recession in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.58 points, or 0.02 percent, to 2,696.65 in the first 15 minutes of trading. South Korean stocks tumbled by the most on record to a near nine-month low on Aug. 5 amid intensifying fears over a U.S. economic slowdown, crashing 8.77 percent to close at 2,441.55. Seoul shares have since gradually gained momentum as investors returned to bargain hunting, buoyed by key U.S. economic data, including the consumer price index, which hinted at a rate cut by the Federal Reserve. Top tech giant Samsung Electronics moved down 2 percent, and No. 2 chipmaker SK hynix lost 1.75 percent. Leading carmaker Hyundai Motors, on the other hand, added 1.57 percent, and its sister Kia added 0.28 percent. Financial firms traded mostly higher as well, with KB Financial moving up 2.14 percent a nd Shinhan Financial climbing 1.8 percent. Samsung Life Insurance increased 2.95 percent. The local currency was trading at 1,349.2 won against the U.S. dollar, up 8.4 from the previous session's close. Source: Yonhap News Agency