Stocks open lower as rate hike concerns linger

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Stocks open lower as rate hike concerns linger

Published: 25 Sep. 2023, 09:40

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

Stocks opened lower Monday as concerns over continued rate hikes linger over the U.S. Federal Reserve's hawkish outlook last week.

The benchmark Kospi shed 9.31 points, or 0.37 percent, to 2,498.82 in the first 15 minutes of trading.

The U.S. central bank last week signaled it could hike interest rates again this year while keeping the rates unchanged.

On Friday, the Dow Jones Industrial Average fell 0.31 percent, and the tech-heavy Nasdaq Composite inched down 0.09 percent.

In Seoul, most top-cap shares opened lower.

Samsung Electronics lost 0.15 percent, and SK hynix retreated 1.02 percent,

LG Energy Solution lost 0.92 percent, and Posco Holdings sank 2.46 percent. LG Chem decreased 0.39 percent.

Carmakers also opened lower, with Hyundai Motor going down 0.78 percent and Kia slipping 0.12 percent.

The local currency was trading at 1,334.6 won against the dollar at 9:15 a.m., down 2.2 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [[email protected]]