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Seoul shares open lower amid inflation woes

Stocks 09:40 May 12, 2022

SEOUL, May 12 (Yonhap) -- Seoul shares opened lower Thursday, taking a cue from overnight falls on Wall Street amid renewed worries over the Federal Reserve's tougher monetary tightening.

The Korea Composite Stock Price Index (KOSPI) fell 27.51 points, or 1.06 percent, to 2,564.76 in the first 15 minutes of trading.

The KOSPI had lost ground for the seven straight sessions until Wednesday as investors worried the Fed will deliver a series of big-step rate hikes in the months to come to tame high-flying inflation.

Overnight, the Dow Jones Industrial Average fell 1 percent, while the tech-heavy Nasdaq Composite Index tumbled 3.2 percent.

Most large-cap stocks traded in negative terrain.

Market bellwether Samsung Electronics Co. fell 0.8 percent, No. 2 chipmaker SK hynix Inc. declined 1.8 percent, and top carmaker Hyundai Motor Co. shed 0.6 percent. National flag carrier Korean Air Lines Co. also lost 1.5 percent.

Among gainers, Korea Aerospace Industries Co., the country's sole aircraft manufacturer, rose 0.7 percent, while the state-run Korea Electric Power Corp. climbed 0.9 percent. The state-run Korea Gas Corp. advanced 1.4 percent.

The local currency was trading at 1,282.95 won against the U.S. dollar as of 9:15 a.m., down 7.65 won from the previous session's close.


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