Seoul shares open lower on Fed's higher-for-longer rate policy

South Korean stocks opened lower Monday on concerns about the Federal Reserve's aggressive monetary tightening for a longer-than-expected period.

The benchmark Korea Composite Stock Price Index shed 9.31 points, or 0.37 percent, to 2,498.82 in the first 15 minutes of trading.

The US central bank last week signaled it could hike interest rates again this year while keeping the rates unchanged.

On Friday, the Dow Jones Industrial Average fell 0.31 percent, and the tech-heavy Nasdaq Composite inched down 0.09 percent.

In Seoul, most top-cap shares opened lower.

Market bellwether Samsung Electronics lost 0.15 percent, and chip giant SK hynix retreated 1.02 percent,

Leading battery maker LG Energy Solution lost 0.92 percent, and Posco Holdings sank 2.46 percent. LG Chem decreased 0.39 percent.

Carmakers also opened lower. Top automaker Hyundai Motor went down 0.78 percent, and Kia shed 0.12 percent.

The local currency was trading at 1,334.60 won against the dollar at 9:15 a.m., up 2.2 won from the previous session's close. (Yonhap)