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Seoul shares open lower on profit-taking

SEOUL, Dec. 18 (Yonhap) -- South Korean stocks opened lower Monday as investors opted to cash in recent gains amid hopes for the Federal Reserve's rate cuts next year.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.60 point, or 0.02 percent, to 2,562.96 in the first 15 minutes of trading.

Last week, the Fed kept its rates unchanged and hinted at possible cuts for 2024.

Leading tech giant Samsung Electronics fell 0.41 percent, and No. 2 chipmaker SK hynix also lost 0.50 percent.

Top carmaker Hyundai Motor also slipped 0.78 percent, and leading chemical company LG Chem shed 0.41 percent.

Battery makers and refiners, however, gained ground. LG Energy Solution climbed 0.71 percent, and SK Innovation added 0.07 percent.

The local currency was trading at 1,301.15 won against the U.S. dollar, down 4.65 won from the previous session's close.

odissy@yna.co.kr

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