Stocks open lower as inflation concerns linger

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Stocks open lower as inflation concerns linger

Published: 17 Jul. 2023, 11:54

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Friday. [YONHAP]

Stocks opened lower Monday from institutions and foreigners selling amid lingering inflation concerns.

The benchmark Kospi shed 10.4 points, or 0.4 percent, to 2,617.9 in the first 15 minutes of trading.

Wall Street finished mixed Friday as U.S. Federal officials said it was too early to declare victory over inflation.

The Dow Jones Industry Average gained 0.33 percent following big banks' earnings results, while the tech-heavy Nasdaq Composite trimmed 0.18 percent and the S&P 500 lost 0.1 percent.

In Seoul, most big-cap shares opened lower.

Samsung Electronics lost 0.41 percent, and SK hynix shed 0.51 percent.

LG Energy Solution sank 0.92 percent, and Samsung Biologics slipped 0.81 percent.

Hyundai Motor went down 0.72 percent, and Kia retreated 0.56 percent.

Among gainers, Posco Holdings jumped 5.15 percent, and Posco Future M advanced 1.12 percent.

The local currency was trading at 1,267 won against the dollar at 9:15 a.m., up 1.2 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]