Seoul stocks down for 3rd day amid inflation worries

Seoul shares tumbled for a third straight day on Thursday, October 8, as high oil prices fueled concerns about rising inflation. The Korean won strengthened against the U.S. dollar. Opening marginally higher, the KOSPI index dropped 177.97 points, or 2.62 percent, to 6,625.93. This follows a decline in the Dow Jones Industrial Average by 0.66 percent and a 0.22 percent drop in the tech-focused Nasdaq Composite.

Institutions and foreigners collectively sold stocks worth 1.67 trillion won and 1.99 trillion won respectively, while domestic investors bought shares worth 2.9 billion won. Investors showed cautious sentiment, given the impact of higher oil prices on inflation and the prospect of potential rate hikes by the U.S. Federal Reserve to combat inflation.

The Korean won traded at 1,338.5 per U.S. dollar as of 3:30 p.m., up from 1,340.4 from the prior trading session's close.