Korea's shares open nearly 2% lower on Wall Street losses

Seoul shares opened nearly 2 percent lower Wednesday on a decline in U.S. stocks overnight.

The benchmark Korea Composite Stock Price Index (Kospi) dropped 40.75 points, or 1.75 percent, to 2,292.04 points in the first 15 minutes of trading, marking the first time in two months that the Kospi stayed below the 2,300 mark.

Overnight, major U.S. stock indexes closed lower on the beginning of the holiday-shortened trading week, as investors wait for the upcoming release of the Federal Reserve's meeting minutes and key U.S. economic data.

The S&P 500 fell 0.4 percent, the tech-heavy Nasdaq dropped 1.38 percent, and the Dow Jones Industrial Average rose 0.1 percent.

In Seoul, most heavyweights got off to a weak start.

Market top cap Samsung Electronics slid 1.89 percent, while No. 2 chipmaker SK hynix retreated 0.65 percent.

Top automaker Hyundai Motor was down 1.58 percent, internet portal operator Naver dipped 1.38 percent, and bio firm Celltrion lost 1.17 percent.

Battery makers lost ground amid growing concerns for the sector after electric car maker Tesla shares tumbled overnight. Major chemical firm LG Chem fell 3.66 percent, and battery maker Samsung SDI inched down 0.8 percent.

The local currency was exchanging hands at 1,268.7 won against the greenback, up 2.7 won from the previous session's close, as of 9:15 a.m.

Yonhap