Stocks flat on China lockdowns and ahead of Fed meeting

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

Shares opened lower Friday, as traders took a wait-and-see stance amid persistent uncertainties over monetary tightening and global economic outlook.

The benchmark Kospi shed 6.5 points, or 0.27 percent, to 2,434.83 as of 9:15 a.m.

While traders are increasingly looking to less aggressive rate hikes by the U.S. Federal Reserve as inflation shows signs of slowing, upward momentum in global stock markets is lacking. China's worsening Covid-19 situation is adding to concerns.

On Thursday, the Bank of Korea delivered a 25-basis point rate hike to tamp down high inflation. The U.S. market was closed for Thanksgiving overnight.

In Seoul, most large-cap shares got off to a weak start.

Samsung Electronics declined 0.81 percent and SK hynix 0.46 percent. LG Chem also lost 1.1 percent.

Naver shed 0.27 percent, and LG Energy Solution traded flat.

Samsung Biologics rose 0.45 percent.

The local currency was trading hands at 1,333.10 won against the dollar as of 9:15 a.m., up 1.9 won from the previous session's close.

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