Seoul shares open sharply lower on U.S. losses

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Seoul shares open sharply lower on U.S. losses

Published: 23 Dec. 2022, 09:33

Seoul stocks opened sharply lower Friday, tracking overnight falls on Wall Street amid expectations of further rate hikes in the United States.

The benchmark Korea Composite Stock Price Index (Kospi) fell 33.22 points, or 1.41 percent, to 2,323.51 points as of 9:15 a.m.

Strong U.S. economic data, including estimate-beating growth and consumption, added to the prospects that the U.S. Federal Reserve may continue to raise interest rates next year in an effort to rein in high inflation.

Overnight, the Dow Jones Industrial Average lost 1.05 percent, and the tech-heavy Nasdaq Composite retreated 2.18 percent.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics declined 1.52 percent, No. 2 chipmaker SK hynix dropped 1.77 percent, and leading automaker Hyundai Motor decreased 1.26 percent.

Major battery maker LG Energy Solution dipped 2.01 percent, with chemical giant LG Chem losing 2.72 percent.

The local currency was trading at 1,281.1 won against the U.S. dollar as of 9:15 a.m., down 4.9 won from the previous day's close.

Yonhap