Seoul shares track New York losses

Seoul shares track New York losses

South Korean shares opened 0.68 percent lower on Wednesday following a decline in New York triggered by sliding oil prices.

The benchmark Korea Composite Stock Price Index shed 12.91 points to 1,893.69 in the first 15 minutes of trading.

The index was trading 1.22 percent lower at 1883.37 points as of 9:45 a.m.

Overnight, the Dow Jones industrial average fell 1.8 percent and the NASDAQ lost 2.24 percent after oil prices fell sharply as hopes fell flat for a deal between the Organization of the Petroleum Exporting Countries and Russia to cut production.

Most blue chips were in negative territory.

Market bellwether Samsung Electronics shed 0.78 percent, and top automaker Hyundai Motor plunged 1.54 percent.

Financials were also down. KB Financials opened 2.73 percent lower and Samsung Life Insurance fell 1.34 percent.

The local currency was trading at 1,214.9 won against the U.S. dollar as of 9:15 a.m., down 7.5 won from Tuesday’s close.

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