Stocks open lower on Fed rate hike signal

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Stocks open lower on Fed rate hike signal

Published: 10 Nov. 2023, 10:40

KIM JU-YEON
[email protected]

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

Shares opened lower Friday in line with overnight losses on Wall Street.

The Kospi dropped 20.68 points, or 0.85 percent, to 2,406.40 in the first 15 minutes of trading.

U.S. stocks sagged overnight after U.S. Federal Reserve Chair Jerome Powell indicated interest rates may be raised again if needed. The Dow Jones Industrial Average fell 0.7 percent, and the Nasdaq Composite slipped 0.9 percent.

In Seoul, market heavyweights remained weak. Samsung Electronics decreased by 0.71 percent, and LG Energy Solution sank by 2.21 percent.

Posco Holdings slumped 2.28 percent, and SK Innovation also shed 2.21 percent.

The local currency was trading at 1,318.75 won against the U.S. dollar at 9:15 a.m., up 8.65 won from the previous session's close.

BY KIM JU-YEON, YONHAP [[email protected]]