Korean shares open lower despite slowing inflation data

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Korean shares open lower despite slowing inflation data

Published: 03 Apr. 2023, 09:41 Updated: 03 Apr. 2023, 10:26

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Monday. [NEWS1]

Seoul shares opened lower Monday, bucking gains on Wall Street last week, despite expectations that the Federal Reserve may slow down its monetary tightening mode after key inflation data showed signs of easing.

The Kospi fell 3.93 points, or 0.16 percent, to 2,472.93 in the first 15 minutes of trading.

On Friday, the Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite jumped 1.7 percent

The personal consumption expenditure (PCE) price index, an inflation gauge closely watched by the U.S. central bank, rose at a slower-than-expected rate of 0.3 percent in February.

In Seoul, large-cap stocks declined across the board.

Samsung Electronics fell 1.4 percent, and chipmaker SK hynix moved down 1.2 percent.

Carmaker Hyundai Motor dropped 1 percent, and car battery maker LG Energy Solution shed 1 percent.

Among gainers, national flag carrier Korean Air rose 0.2 percent, the country's sole aircraft manufacturer Korea Aerospace Industries climbed 2 percent and refiner SK Innovation gained 1.6 percent.

The local currency was trading at 1,310.6 won against the dollar as of 9:15 a.m., up 8.7 won from the previous session's close.

Yonhap