Seoul shares open sharply lower on renewed US inflation woesBy Yonhap
Published : Feb. 27, 2023 - 10:03
South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time.
The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading.
U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in January compared with the previous month.
In Seoul, major large-cap stocks fell across the board.
Market bellwether Samsung Electronics and top battery maker LG Energy Solution both sank nearly 1.5 percent.
No. 1 automaker Hyundai Motor dropped 1.3 percent, and steel giant Posco Holdings slid 1.7 percent.
The local currency was trading at 1,313.5 won against the U.S. dollar as of 9:15 a.m., down 8.7 won from Friday's close. (Yonhap)
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