Seoul shares turn lower after opening up amid inflation worries
Seoul shares turned lower after opening up Thursday, largely due to inflation worries stoked by elevated oil prices. After opening 0.07 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) lost ground, trading down 53.32 points, or 0.78 percent, to 6,750.58 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average fell 0.66 percent, while the tech-heavy Nasdaq Composite…
Seoul shares declined on Thursday as investors grew concerned about inflation, driven by soaring oil prices. The Korea Composite Stock Price Index (KOSPI), a key market benchmark, slipped 53.32 points, or 0.78%, to 6,750.58 by 9:15 a.m. The U.S. Dow Jones Industrial Average slipped 0.66%, while the tech-focused Nasdaq Composite dropped 0.22%.
Investors' continued wariness stems from the fact that higher oil prices are exacerbating inflationary pressures. The U.S. Federal Reserve has hinted at potential rate hikes this year to curb inflation. In Seoul, large-cap stocks were relatively stable, with Samsung Electronics down 0.19% and Hyundai Motor declining 2.53%. However, defense firm Hanwha Aerospace declined 3.5%, and shipping company HMM slipped 2.34%. Notably, chipmaker SK hynix rose 0.75%, and battery manufacturer Samsung SDI climbed 3.2%.
The Korean won strengthened slightly against the U.S. dollar, closing at 1,337.80 won, up 1.2 won from the previous trading session.
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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- Seoul shares turn lower after opening up amid inflation worries koreatimes.co.kr
