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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, Thursday. (Yonhap) |
South Korean stocks opened lower Thursday as the Federal Reserve made comments about an earlier-than-expected timeline for a rate hike.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.61 points, or 0.6 percent, to trade at 3,259.07 points in the first 15 minutes of trading.
Stock prices fell after the key stock index finished at an all-time high the previous session, taking a cue from Federal Reserve Chairman Jerome Powell's comment that the Fed began discussing measures to scale back its accommodative policies.
Fed officials expected two policy rate hikes by the end of 2023.
Overnight, the Dow Jones Industrial Average fell 0.77 percent, with the Nasdaq Composite and the S&P 500 down 0.24 percent and 0.54 percent, respectively.
In Seoul, market bellwether Samsung Electronics dropped 1.22 percent, and No. 2 chipmaker SK hynix retreated 1.93 percent.
Internet portal operator Naver moved down 0.64 percent, and giant pharmaceutical firm Samsung Biologics decreased 0.48 percent.
Top automaker Hyundai Motor shed 0.63 percent, while leading chemical firm LG Chem jumped 3.47 percent.
The local currency was trading at 1,130.3 won against the US dollar, sharply down 13.1 won from the previous session's close. (Yonhap)
