Seoul shares open lower after record daily gain

South Korean stocks opened lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling.

The benchmark Korea Composite Stock Price Index fell 42.25 points, or 1.69 percent, to 2,460.12 in the first 15 minutes of trading.

On Monday, the Kospi logged its largest daily gain of 134.03 points, or 5.66 percent, buoyed by the short selling ban that will be in place by the end of June 2024. Authorities cited concerns about growing market volatility from illegal short selling practices.

Most blue chips traded lower across the board, with chip behemoth Samsung Electronics falling 0.85 percent and No. 2 home appliance maker LG Electronics also down 1.61 percent.

Top steelmaker Posco Holding, which surged over 19 percent in the previous session, tumbled 5.84 percent, and top refiner SK Innovation also slid 3.79 percent.

Leading automakers Hyundai Motor and Kia slipped 1.12 percent and 1.27 percent, respectively.

The local currency was trading at 1302.95 won against the US dollar at 9:15 a.m., down 5.65 won from the previous session's close. (Yonhap)

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