Big tech stocks open lower Monday amid supply chain issues in China

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Big tech stocks open lower Monday amid supply chain issues in China

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Monday morning. [NEWS1]

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Monday morning. [NEWS1]

 
Korean stocks started off lower Monday, as the continued Covid-19 lockdowns and unrest at an iPhone factory in China weighed on big tech stocks.
 
The benchmark Kospi fell 30.16 points, or 1.24 percent, to 2,407.70 in the first 15 minutes of trading.
 
The U.S. tech-rich Nasdaq ended lower Friday, with Apple dipping 2 percent, after media reports it would see a cut in iPhone shipments due to a workers' protest at a main factory in China run by Foxconn.
 
Beijing has maintained strict Covid-19 restrictions amid a surge in infection cases, also causing global supply chain disruptions.
 
In Seoul, most tech heavyweights declined. Samsung Electronics lost about 1.7 percent, and SK hynix dropped 2.5 percent.
 
Hyundai Motor was down 1 percent, and Naver also slid nearly 2 percent.
 
The local currency had been trading at 1,339.50 won against the dollar as of 9:15 a.m., up 15.8 won from Friday's close.

BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]
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