The Korea Herald

소아쌤

Seoul shares open tad lower on rate hike concerns

By Yonhap

Published : Feb. 21, 2023 - 09:46

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened slightly lower Tuesday as traders remained uncertain about the US Federal Reserve's future monetary policy to curb inflation.

The benchmark Korea Composite Stock Price Index had shed 7.36 points, or 0.3 percent, to 2,447.76 in the first 15 minutes of trading.

US financial markets closed Monday for the Presidents' Day holiday.

On Friday, Wall Street ended mixed as stronger-than-expected US inflation readings and a low unemployment rate reinforced investors' fears that the Fed might raise borrowing rates more aggressively to bring down persistently high inflation.

In Seoul, most big-cap stocks got off to a weak start, with tech shares leading the losses.

Market bellwether Samsung Electronics fell 0.96 percent, and chip giant SK hynix lost 1.51 percent.

Samsung Biologics lost 0.62 percent, and Celltrion fell 0.38 percent.

Top automaker Hyundai Motor went down 0.06 percent, and its affiliate Kia shed 0.13 percent.

Among gainers, leading battery maker LG Energy Solution rose 0.39 percent and LG Chem gained 1.05 percent.

The local currency was trading at 1,297 won against the US dollar as of 9:15 a.m., down 2.5 won from the previous session's close. (Yonhap)