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The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap) |
South Korean stocks opened lower Monday despite strong export data as the US Federal Reserve's hawkish pivot last week increased market worries about an early tapering of its accommodative policies.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.23 points, or 0.56 percent, to trade at 3,249.7 points in the first 15 minutes of trading.
Stocks got off to a weak start in the wake of the Fed's ongoing discussions about expediting its rate hike timeline.
Federal Reserve Chairman Jerome Powell is scheduled to testify at the House hearing on Tuesday (US time).
South Korea's exports rose 29.5 percent on-year in the first 20 days of June on increased demand in the US and China, according to customs data.
In Seoul, market bellwether Samsung Electronics dropped 0.62 percent, and No. 2 chipmaker SK hynix retreated 2.01 percent.
Internet portal operator Naver edged up 0.13 percent, but giant pharmaceutical firm Samsung Biologics decreased 0.36 percent.
Top automaker Hyundai Motor gained 0.21 percent, while leading chemical firm LG Chem lost 0.36 percent.
The local currency was trading at 1,134.1 won against the US dollar, down 1.8 from the previous session's close. (Yonhap)
