Seoul shares turn lower after opening up amid inflation worries

Seoul's stock market saw a decline on Thursday, largely influenced by inflation concerns exacerbated by surging oil prices. The Korea Composite Stock Price Index (KOSPI), which had opened 0.07 percent higher, experienced a dip, shedding 53.32 points, or 0.78 percent, to reach 6,750.58 by 9:15 a.m. Elsewhere, the Dow Jones Industrial Average fell by 0.66 percent, and the tech-focused Nasdaq Composite declined by 0.22 percent.

Investor sentiment remains cautious as heightened oil prices contribute to inflationary pressures, and the U.S. Federal Reserve has indicated that rate hikes may be necessary this year to curb inflation. In Seoul, large-cap companies experienced a mixed performance. Samsung Electronics, a major market player, slipped by 0.19 percent, while Hyundai Motor, a prominent car manufacturer, decreased by 2.53 percent.

Defense provider Hanwha Aerospace declined by 3.5 percent, and shipping giant HMM fell by 2.34 percent. Conversely, chip manufacturer SK hynix gained 0.75 percent, and battery producer Samsung SDI increased by 3.2 percent. The Korean won was trading at 1,337.80 won per U.S. dollar, reflecting a 1.2 won increase from the previous trading session's close.