Seoul shares opened lower Thursday, tracking Wall Street losses, as surging oil prices caused by intensifying tensions in the Middle East fueled inflation concerns ahead of key US inflation data.
After opening 0.18 percent lower, the benchmark Korea Composite Stock Price Index (Kospi) extended losses, trading down 20.11 points, or 0.29 percent, to 7,031.53 as of 9:15 a.m.
Overnight, US stocks ended lower amid escalating tensions in the Middle East and rising oil prices. The Dow Jones Industrial Average fell 0.77 percent, while the tech-heavy Nasdaq Composite declined 0.64 percent.
Rising oil prices are fueling concerns about inflation and the possibility of the US Federal Reserve raising interest rates to contain price gains.
In Seoul, large-cap stocks were mixed.
Market bellwether Samsung Electronics fell 0.74 percent, battery maker Samsung SDI declined 1.05 percent.
State-run utility Korea Electric Power Corp. dropped 1.93 percent and S-Oil shed 1.02 percent.
Among gainers, Samsung Electronics' chipmaking rival SK hynix rose 0.05 percent and top carmaker Hyundai Motor climbed 0.52 percent.
The Korean won was trading at 1,338.90 won against the US dollar as of 9:15 a.m., up 1.7 won from the close of the previous stock trading session. (Yonhap)
