April 26, 2024

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[THE INVESTOR] South Korean stocks opened lower on April 20, tracking losses on Wall Street, ahead of major companies‘ first-quarter earnings releases. The Korean won fell against the US dollar.

The benchmark KOSPI shed 1.65 points, or 0.08 percent, to 2,136.75 in the first 15 minutes of trading.

Investors took to the sidelines as major companies such as Samsung Electronics and Hyundai Motor are set to announce their first-quarter earnings results later this month, analysts said. 

Tech and automobile stocks led losses, with market behemoth Samsung Electronics falling 0.73 percent. Leading cosmetics company AmorePacific declined 0.17 percent and No. 1 refiner SK Innovation was down 1.22 percent.

Top carmaker Hyundai Motor rose 1.09 percent and No. 2 carmaker Kia Motors advanced 1.03 percent. Top steelmaker POSCO gained 0.96 percent.  

The local currency was trading at 1,144.15 won against the US dollar, down 3.95 won from the previous session’s close.

By Alex Lee and newswires (alexlee@heraldcorp.com)