Seoul Stock Market Opens Lower, Influenced by U.S. Market Downturn

SEOUL — South Korean stocks opened sharply lower on Thursday, following overnight losses in U.S. markets.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) dropped 40.73 points, or 1.65 percent, to 2,421.87 within the first 15 minutes of trading. The downturn in Wall Street was led by mixed corporate earnings reports and escalating concerns over the Israel-Hamas conflict. The Dow Jones Industrial Average fell 0.98 percent, while the tech-heavy Nasdaq Composite declined 1.62 percent.

In Seoul, most shares opened bearish, with Samsung Electronics down by 1.42 percent and LG Energy and Solution losing 2.9 percent. Top carmaker Hyundai Motor retreated 1.15 percent, and its affiliate Hyundai Mobis declined by 0.22 percent. Online portal operator Naver fell by 1.72 percent, while its competitor Kakao lost 2.27 percent. The local currency traded at 1,356.65 won against the U.S. dollar, down 7.05 won from the previous session's close.

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