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Seoul shares open lower on Fed's hawkish rate outlookBy Yonhap
Published : June 19, 2023 - 09:38
South Korean stocks opened lower Monday, as some US Federal Reserve officials' comments backing additional rate hikes sapped hopes for an end to its aggressive monetary tightening.
The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.48 percent, to 2,613.19 in the first 15 minutes of trading.
Fed Gov. Christopher Waller on Friday said the core inflation was not coming down like he expected. Richmond Fed President Thomas Barkin advocated more rate hikes, citing persistent inflation.
The comments threw cold water on the market betting that the Fed will end the interest rate hikes campaign this year, after a highly expected 0.25 percentage-point hike next month.
All US stock indexes finished lower Friday.
In Seoul, top-listed tech and auto shares fell across the board.
Tech heavyweight Samsung Electronics lost nearly 1 percent, and top battery maker LG Energy Solution dipped more than 2.5 percent.
Top automaker Hyundai Motor dropped 0.5 percent, but its smaller affiliate Kia was up 0.5 percent.
Internet-only bank KakaoBank slipped 1.4 percent.
Entertainment powerhouse Hybe rose 0.8 percent, along with major shipyard HD Hyundai Heavy Industries gaining 1.2 percent.
The local currency was trading at 1,278.4 won against the US dollar at 9:15 a.m., down 6.5 won from Friday's close. (Yonhap)
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