Seoul stocks open lower on inflation worries

South Korean stocks opened lower Wednesday as the central bank revised up the country's gross domestic product, stoking market concerns of early inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.43 points, or 0.2 percent, to 3,241.4 points in the first 15 minutes of trading.

Investor appetite for risk assets decreased, following the Bank of Korea's report that South Korea's economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, on robust recovery of exports and facility investment.

Market bellwether Samsung Electronics lost 0.49 percent, and No. 2 chipmaker SK hynix moved down 1.96 percent.

Internet portal operator Naver retreated 0.55 percent, while giant pharmaceutical firm Samsung Biologics edged up 0.23 percent.

Top automaker Hyundai Motor climbed 0.62 percent, but leading chemical firm LG Chem declined 0.37 percent.

The local currency was trading at 1,118 won against the US dollar, down 3.8 won from the previous session's close. (Yonhap)