Stocks open lower following new U.S. export controls on chips to China

Finance

Published: 18 Oct. 2023, 10:14

Stocks open lower following new U.S. export controls on chips to China

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Tuesday. [YONHAP]

Stocks started lower amid Washington's new export controls on China.

The Kospi dropped 6.74 points, or 0.27 percent, to 2,453.43 in the first 15 minutes of trading.

On Wall Street, stocks finished mixed on better-than-expected retail sales data and the U.S. government's latest rules to increase its restrictions on the sale of semiconductors from American companies to China.

The Dow Jones Industrial Average rose 0.04 percent, but the tech-heavy Nasdaq composite fell 0.3 percent.

In Seoul, Samsung Electronics, the world's largest memory chipmaker, lost 0.43 percent, and its rival SK hynix decreased 0.69 percent.

Leading chemicals company LG Chem retreated 1.55 percent, and its battery-making affiliate LG Energy Solution dropped 1.68 percent.

But carmakers started strong, with industry leader Hyundai Motor gaining 1.06 percent and Kia rising 1.22 percent.

The local currency was trading at 1,354.4 won against the dollar at 9:15 a.m., down 0.8 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]