Seoul shares open sharply lower, tracking US losses, amid inflation woes
Seoul shares opened sharply lower Friday, tracking losses on Wall Street, as the latest U.S. inflation data raised the possibility of the U.S. Federal Reserve raising interest rates to curb inflation. After opening 3.29 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) narrowed the losses, dropping 183.12 points, or 2.6 percent, to 6,850.80 as of 9:15 a.m. Overnight, surging…
South Korea's stock market opened sharply lower on Friday, mirroring losses on Wall Street, as U.S. inflation figures raised concerns about a possible interest rate hike by the Federal Reserve to combat inflation. The Korea Composite Stock Price Index (KOSPI) fell 2.6 percent, closing 183.12 points, or 3.29 percent, lower at 6,850.80.
Oil prices surged overnight, contributing to a sell-off in U.S. stocks, with the Dow Jones Industrial Average declining 0.6 percent and the tech-heavy Nasdaq Composite falling 0.65 percent. The U.S. producer price index increased by 0.4 percent in August compared to the previous month. Investors are eagerly awaiting Friday's consumer price report to gain insight into the Fed's future rate policy.
In Seoul, tech stocks led the decline, with Samsung Electronics falling 3.5 percent and SK hynix dropping 4.48 percent. Hyundai Motor and LG Energy Solution also saw declines, with 2.57 percent and 0.68 percent respectively. Among the gainers, state-run utility Korea Electric Power Corp. performed well.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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