Seoul shares open lower Monday on tech losses

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Seoul shares open lower Monday on tech losses

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Monday. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Monday. [YONHAP]

 
Stocks opened lower Monday as big-cap tech shares lost ground amid persistent concerns over the aggressive monetary tightening by the U.S. Federal Reserve to curb inflation.
 
The benchmark Kospi shed 12.70 points, or 0.52 percent, to 2,438.51 in the first 15 minutes of trading.
 
On Friday, U.S. shares ended mixed amid uncertainty over future rate hikes. The Dow Jones Industrial Average rose 0.39 percent, while the tech-heavy Nasdaq Composite fell 0.58 percent.
 
Investors remain worried about the Fed's monetary policy path to bring high inflation under control, according to analysts.
 
Last week, U.S. data showed that the producer price index for last month rose 0.7 percent from a month earlier, the largest on-month gain since June last year and more than economists expected.
 
In Seoul, tech blue chips came under heavy downward pressure.
 
Samsung Electronics fell 0.80 percent, and chipmaker SK hynix lost 0.65 percent.
 
Battery maker LG Energy Solution dived 2.44 percent, and Samsung SDI tumbled 2.7 percent.
 
Bio shares also lost ground, with Samsung Biologics losing 0.63 percent and Celltrion falling 0.71 percent.
 
Automaker Hyundai Motor went down 0.5 percent, and its affiliate Kia shed 0.39 percent.
 
Among gainers, steelmaker Posco Holdings jumped 3.29 percent.
 
The local currency was trading at 1,299.15 won against the dollar as of 9:15 a.m., down 0.35 won from the previous session's close.

Yonhap
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