Seoul shares open lower on overnight falls on Wall Street

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Seoul shares open lower on overnight falls on Wall Street

Published: 07 Dec. 2022, 09:44 Updated: 07 Dec. 2022, 10:16

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

Stocks opened lower on Wednesday, tracking overnight falls on Wall Street, amid concerns that the U.S. Federal Reserve may continue its aggressive monetary tightening following strong economic data.

The Kospi fell 7.11 points, or 0.30 percent, to 2,386.05 in the first 15 minutes of trading.

The stronger-than-expected U.S. jobs report and service sector activity released early this week are spooking investors amid concerns that the Fed may not imminently slow down rate increases.

Fed Chair Jerome Powell said last week that the U.S. central bank could pivot to slower rate rises as soon as December.

In Seoul, large-cap stocks were mixed across the board.

Samsung Electronics rose 0.2 percent, Hanjin KAL, parent firm of national flag carrier Korean Air, climbed 1.6 percent, and cosmetics firm Amorepacific gained 2.2 percent.

Among decliners, SK hynix fell 1.4 percent, LG Electronics dropped 5 percent, and the country's sole aircraft manufacturer Korea Aerospace Industries slumped 0.5 percent.

The local currency was trading at 1,321.65 won against the dollar as of 9:15 a.m., up 2.85 won from the previous day's close.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]