Seoul Shares Open Lower on Wall Street Fall

South Korean stocks started sharply lower Friday as investor sentiment was hurt by overnight plunges in U.S. stock markets.

The benchmark Korea Composite Stock Price Index (KOSPI) plunged 26.78 points, or 1.88 percent, to 1,399.65 in the first 15 minutes of trading.

Most large-caps lost substantial ground, with transportation, shipyard and tech shares weighing on the market.

Leading shipper Hanjin Shipping plummeted 5.31 percent, while smaller Korea Line lost 3.05 percent. No. 1 shipbuilder Hyundai Heavy Industries dropped nearly 4 percent on worries that steel price hikes could increase its overall production costs.

Tech exporters also sapped the market mood, with industry leader Samsung Electronics and its rival LG Electronics both starting sharply lower.

On Thursday, U.S. stocks retreated as weaker-than-expected retail sales and more applications for jobless insurance renewed concerns over an economic slowdown. The Dow Jones industrial average fell 2.99 percent and the tech-dominated Nasdaq composite index dived 3.2 percent.

The tech-savvy Kosdaq market also opened lower due to the Wall Street downturn. As of 10 a.m., the Kosdaq index was quoted at 435.57, down 0.65 percent.

The Korean currency was trading at 1,138.4 won to the U.S. dollar as of 9:15 a.m., down 9.4 won from Thursday's close.