Seoul stocks open lower on inflation woes

Korean stocks experienced a decline on Tuesday, mirroring Wall Street's losses as rising oil prices sparked inflation concerns and caused a surge in U.S. Treasury yields, according to the latest report. The KOSPI, a key indicator of the Korean market, dropped by 13.31 points, or 0.19 percent, reaching 6,876.43 by 9:15 a.m. U.S. stocks had retreated overnight, as heightened tensions between the United States and Iran nudged crude oil prices upward, raising worries that escalating energy expenses might maintain inflation and interest rates at elevated levels.

The 10-year Treasury yield climbed to 5.23 percent, while the 30-year yield reached 5.55 percent, hovering near multiyear peaks. Other major U.S. indices, including the S&P 500, Dow Jones Industrial Average, and tech-heavy Nasdaq composite, also saw declines, falling by 0.77 percent, 0.67 percent, and 0.92 percent, respectively.

Among the top companies, Samsung Electronics saw a modest gain of 0.93 percent, while chipmaker SK hynix increased by 0.11 percent. However, other prominent firms like Hyundai Motor and battery producer LG Energy Solution faced declines, with the former down by 1.4 percent and the latter slipping 2.57 percent.

The Korean won also experienced some volatility amid these market fluctuations.