Stocks open lower Thursday following Wall Street losses

Finance

Published: 20 Oct. 2022, 10:22

Stocks open lower Thursday following Wall Street losses

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets Thursday morning. [YONHAP]

Stocks opened lower Thursday, taking a cue from overnight losses on Wall Street that stemmed from concerns about aggressive rate hikes.

The benchmark Kospi slipped 9.74 points, or 0.44 percent, to 2,227.7 points as of 9:16 a.m.

Stocks got off to a weak start as investors expected further hikes in the policy interest rates at home and in major economies.

Overnight, the Dow Jones Industrial Average lost 0.33 percent and the tech-heavy Nasdaq Composite retreated 0.85 percent.

Samsung Electronics dropped 0.36, and SK hynix fell 2.91 percent.

Hyundai Motor added 0.3 percent, but steelmaker Posco Holdings declined 0.59 percent.

LG Chem went down 1.85 percent, while LG Energy Solutions increased 0.4 percent.

The won was exchanging hands at 1,429.1 won against the dollar as of 9:16 a.m., down 2.9 won from the previous session's close.

BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]