Stocks open lower on rate hike fears

Home > Business > Finance

Stocks open lower on rate hike fears

Published: 21 Jul. 2023, 11:05

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

Shares opened lower Friday as rate hike woes heighten on strong U.S. job data.

The benchmark Kospi fell 24.37 points, or 0.94 percent, to 2,575.86 in the first 15 minutes of trading.

The Dow Jones Industrial Average gained 0.47 percent overnight on Wall Street, while the tech-heavy Nasdaq Composite tumbled 2.05 percent.

The latest U.S. Labor Department data showed that weekly jobless claims fell again last week, suggesting the U.S. Federal Reserve will maintain higher interest rates.

In Seoul, big-cap shares led the downside trend.

Samsung Electronics lost 1.97 percent, and SK hynix retreated 2.48 percent.

Hyundai Motor dropped 0.7 percent, and Hyundai Mobis slid 1.24 percent.

The local currency was trading at 1,278.65 won against the dollar at 9:15 a.m., up 8.75 won from the previous session's close.

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