Seoul shares open lower before Fed chief's speech

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors await the US Federal Reserve chief's speech for clues on its rate policy.

The benchmark Korea Composite Stock Price Index fell 23.46 points, or 0.92 percent, to 2,514.22 in the first 15 minutes of trading.

Overnight, US stocks declined, with the Dow Jones Industrial Average falling 1.1 percent and the tech-heavy Nasdaq Composite declining 1.9 percent.

Investors are keeping an eye on the speech Friday to be delivered by Fed Chair Jerome Powell. The Fed chief is expected to outline whether rates should continue to rise to combat high inflation.

In Seoul, most large-cap stocks declined.

Market heavyweight Samsung Electronics Co. fell 1.5 percent, No. 2 chipmaker SK hynix Inc. dropped 3.1 percent, national flag carrier Korean Air Co. shed 0.9 percent and leading battery maker LG Energy Solution was down 0.4 percent.

Among gainers, top carmaker Hyundai Motor Co. rose 0.2 percent, the country's sole aircraft manufacturer Korea Aerospace Industries Co. climbed 0.4 percent and leading cosmetics firm AmorePacific Corp. was up 1.9 percent.

The local currency was trading at 1,326.30 won against the US dollar at 9:15 a.m., down 3.7 won from the previous session's close. (Yonhap)