(URGENT) Seoul stocks down for 3rd day amid inflation worries

South Korean stocks continued their downward trend on Thursday, marking their third consecutive day of declines. This downturn was primarily driven by concerns over rising oil prices, which have fueled inflation worries. The Korean won strengthened against the U.S. dollar during the session. Initially opening up 0.07 percent, the benchmark Korea Composite Stock Price Index (KOSPI) ultimately fell by 177.97 points, or 2.62 percent, to reach 6,625.93.

This decline follows the Dow Jones Industrial Average's drop of 0.66 percent overnight and the tech-focused Nasdaq Composite's 0.22 percent decrease. Institutional investors and foreigners collectively sold a large portion of their holdings, netting a loss of 1.67 trillion won ($1.24 billion) and 1.99 trillion won in stock sales, respectively. Meanwhile, individual investors managed to buy a net 2.9 billion won worth of stocks.

The market's apprehension was heightened by the prospect of the U.S. Federal Reserve potentially raising interest rates this year to combat inflation. Within the South Korean market, technology stocks bore the brunt of the decline. Industry giants Samsung Electronics and its chipmaking rival SK hynix both saw their shares drop by 2.42 percent and 2.44 percent, respectively, settling at 262,000 won and 1.68 million won. Defense firm Hanwha Aerospace also suffered, with its share price plummeting 8.33 percent to 891,000 won.