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Seoul shares open lower on U.S. losses; local currency plunges

All News 09:27 September 07, 2022

SEOUL, Sept. 7 (Yonhap) -- Seoul stocks opened lower Wednesday, tracking losses on Wall Street as investors remained concerned over the U.S. Federal Reserve's aggressive rate hikes to combat runaway inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 0.71 percent, or 17.06 points, to 2,392.96 as of 9:15 a.m.

Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq dropped 0.7 percent amid worries over the Fed's continued rate increases and a looming energy crisis in Europe.

Tech and airline stocks were lead decliners, with market bellwether Samsung Electronics Co. falling 1.1 percent, No. 2 chipmaker SK hynix Inc. declining 1.3 percent and national flag carrier Korean Air Lines Co. shedding 1.6 percent.

Among gainers, top carmaker Hyundai Motor Co. rose 0.5 percent, No. 2 steelmaker Hyundai Steel Co. climbed 2.5 percent, and leading car battery maker LG Energy Solution gained 0.6 percent.

The local currency was trading at 1,381.85 won against the U.S. dollar, down 10.15 won from the previous session's close. It was the first time in more than 13 years that the won has slid through the 1,380 mark.


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