(LEAD) Seoul shares down for 3rd day amid inflation worries

Seoul shares experienced a decline for the third consecutive day on October 8, as inflation concerns due to high oil prices led to a decline in market sentiment. The Korean won appreciated against the U.S. dollar. The benchmark KOSPI index opened with a 0.07 percent gain but closed down 177.97 points, or 2.62 percent, at 6,625.93.

This development follows a 0.66 percent drop in the Dow Jones Industrial Average and a 0.22 percent decrease in the tech-heavy Nasdaq Composite. Institutions and foreigners collectively sold stocks worth 1.67 trillion won and 1.99 trillion won, respectively, whereas individuals bought stocks worth 2.9 billion won. Rising oil prices have intensified inflationary pressures, prompting speculation that the U.S. Federal Reserve may need to implement rate hikes this year.

Notable declines included Samsung Electronics (down 2.42 percent to 262,000 won), SK hynix (down 2.44 percent to 1.68 million won), Hanwha Aerospace (down 8.33 percent to 891,000 won), and HMM (down 2.8 percent to 20,800 won). Conversely, battery companies Samsung SDI (up 1.25 percent to 569,000 won) and LG Energy Solution (up 2.56 percent to 401,000 won) showed gains.

As of 3:30 p.m., the Korean won was valued at 1,338.5 won against the U.S. dollar, a slight improvement from the previous trading session's close of 1,340.4 won.