Seoul shares open lower amid rate hike worries

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Seoul shares open lower amid rate hike worries

Published: 18 Apr. 2023, 09:45 Updated: 18 Apr. 2023, 10:06

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

Seoul shares opened lower Tuesday as investors are concerned about possible additional rate hikes by the U.S. Federal Reserve and a possible economic slowdown.

The Kospi fell 5.87 points, or 0.23 percent, to 2,570.04 in the first 15 minutes of trading.

The benchmark index bucked overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.3 percent, and the tech-heavy Nasdaq Composite also climbed 0.28 percent.

This week, investors are awaiting the release of the Federal Reserve's Beige Book and commentary from Fed officials as there might be at least one more rate hike by the U.S. central bank to tame inflation.

In Seoul, most large-cap stocks declined.

Hyundai Motor fell 1.7 percent, and national flag carrier Korean Air declined 0.6 percent.

Car battery maker LG Energy Solution shed 0.3 percent.

Among gainers, market bellwether Samsung Electronics rose 0.8 percent, LG Display climbed 4.3 percent, and LG Chem gained 1.9 percent.

The local currency was trading at 1,320.55 won against the dollar, up 9.45 won from the previous session's close.

Yonhap