Seoul stocks open lower on increasing price pressure

South Korean stocks opened lower Wednesday, tracking US stock losses from increasing price pressure that fueled concerns of faster-than-expected inflation.

The benchmark Korea Composite Stock Price Index (Kospi) fell 16.5 points, or 0.5 percent, to 3,254.88 points in the first 15 minutes of trading.

Stocks got off to a weak start as an estimate-beating 0.9 percent on-year increase in US consumer prices in June fanned market worries that the world's largest economy may hasten the timeframe for tapering its asset-buying program.

Overnight, the Nasdaq Composite fell 0.38 percent, with the Dow Jones Industrial Average and the S&P 500 down 0.31 percent and 0.35 percent, respectively.

Market bellwether Samsung Electronics lost 0.63 percent, and No. 2 chipmaker SK hynix moved down 0.41 percent.

Internet portal operator Naver added 0.68 percent, while giant pharmaceutical firm Samsung Biologics traded flat.

Top automaker Hyundai Motor and leading chemical firm LG Chem also exchanged hands unchanged.

The local currency was trading at 1,151.65 won against the US dollar, down 6.25 won from the previous session's close. (Yonhap)