Seoul stocks open lower on inflation woes

SEOUL, Oct. 25 (Yonhap) -- South Korean stocks opened lower Monday amid concerns about the rising inflation pressure and oil prices.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 20.1 points, or 0.67 percent, to 2,986.06 in the first 15 minutes of trading.

Stocks fell amid foreign and institutional sell-offs, largely in the wake of the Fed's signal that the present high-price pressure may not subside soon.

Investor wariness grew as oil prices remained at a record-high level.

Most stocks traded lower in Seoul.

Market bellwether Samsung Electronics lost 1.14 percent to 69,600 won, while No. 2 chipmaker SK hynix edged up 0.1 percent to 98,600 won, a day ahead of its third-quarter earnings report.

Leading car battery firm LG Chem declined 1.71 percent to 804,000 won, pharmaceutical giant Samsung Biologics decreased 1.14 percent to 870,000 won, and the country's largest carmaker Hyundai Motor moved down 0.48 at 206,500 won.

The local currency was trading at 1,177.75 won against the U.S. dollar, down 0.65 won from the previous session's close.

jwc@yna.co.kr
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