Seoul shares open lower amid rate hike worries

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Seoul shares open lower amid rate hike worries

Published: 12 May. 2023, 09:41 Updated: 12 May. 2023, 13:21

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

Seoul shares opened lower Friday as investors remain concerned about the U.S. Federal Reserve taking further tightening steps.

The Kospi fell 11.57 points, or 0.46 percent, to 2,479.43 in the first 15 minutes of trading.

Institutions and foreigners sold a combined 115 billion won ($86 million) worth of stocks, offsetting individuals' stock purchases valued at 114 billion won.

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

Market bellwether Samsung Electronics fell 0.2 percent, and home appliance maker LG Electronics declined 1.6 percent

Hyundai Motor dropped 1 percent, and the state-run Korea Electric Power Corporation shed 0.5 percent.

Among gainers, KG Mobility, formerly known as SsangYong Motor, rose 0.4 percent, refiner SK Innovation climbed 0.6 percent and steelmaker Posco Holdings gained 0.4 percent.

The local currency was trading at 1,330 won against the dollar at 9:15 a.m., up 3.7 won from the previous day's close.

Yonhap