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Seoul stocks open lower on U.S. inflation woes

All News 09:23 October 01, 2021

SEOUL, Oct. 1 (Yonhap) -- South Korean stocks opened lower Friday, tracking overnight Wall Street losses that stemmed from concerns of an early inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.19 points, or 0.23 percent, to 3,061.63 points in the first 15 minutes of trading.

The key stock index slumped, following rallies by the U.S. long-term Treasury yields, which fanned concerns that the Federal Reserve might hurry to taper its stimulus to reign in the pace of inflation.

The Dow Jones Industrial Average retreated 1.59 percent, with the S&P 500 losing 1.19 percent. The tech-heavy Nasdaq composite decreased 0.44 percent

In Seoul, top cap Samsung Electronics declined 0.27 percent, and No. 2 chipmaker SK hynix declined 0.49 percent.

Internet portal operator Naver moved up 0.26 percent, and leading chemical firm LG Chem edged up 0.13 percent.

Top automaker Hyundai Motor lost 1 percent, and rechargeable battery maker Samsung SDI fell 0.56 percent. Pharmaceutical giant Samsung Biologis added 0.8 percent.

The local currency was trading at 1,185.15 won against the U.S. dollar, down 1.15 won from the previous session's close.


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