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Seoul stocks open lower on concerns over Fed's aggressive tightening

An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

South Korean shares opened lower Monday amid concerns that the Fed may raise rates at a faster and stronger-than-expected pace.

The benchmark Korea Composite Stock Price Index (Kospi) went down 3.87 points, or 0.14 percent, to 2,692.19 as of 9:15 a.m.

Expectations are high that the Fed may raise interest rates aggressively in the coming months.

The US markets were closed on Friday.

On the Seoul bourse, shares traded mostly lower.

Market bellwether Samsung Electronics inched down 0.15 percent and LG Chem retreated 0.72 percent.

Meanwhile, key battery maker LG Energy Solution added 0.23 percent and No. 2 chipmaker SK hynix was unchanged.

The local currency was trading at 1,230.9 won against the US dollar, down 1.3 won from the previous session's close. (Yonhap)

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