Stocks open lower tracking U.S. losses on China's iPhone ban

Stocks opened lower Friday following damp trading on Wall Street amid reports of China's plan to ban the use of iPhones at state-related agencies. The benchmark Kospi fell 0.07 points to 2,548.19 in the first 15 minutes of trading.

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

Stocks opened lower Friday following damp trading on Wall Street amid reports of China's plan to ban the use of iPhones at state-related agencies.

The benchmark Kospi fell 0.07 points to 2,548.19 in the first 15 minutes of trading.

China plans to expand its ban on the use of iPhones in government agencies and state-owned companies. The move is expected to deal a blow to global big tech companies that heavily rely on China, analysts said.

In Seoul, tech and auto stocks were the lead decliners.

Samsung Electronics fell 0.4 percent, and SK hynix declined 2.1 percent.

Hyundai Motor dropped 0.5 percent, and SK Innovation shed 0.4 percent.

Among gainers, Korea Electric Power Corporation rose 2.2 percent, LG Energy Solution climbed 0.2 percent, and Posco Holdings gained 0.8 percent.

The local currency was trading at 1,333.5 won against the dollar, down 1.9 won from the previous day's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]