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Seoul shares open lower amid rate hike worriesBy Yonhap
Published : May 12, 2023 - 09:53
Seoul shares opened lower Friday as investors remain concerned about the US Federal Reserve taking further tightening steps.
The benchmark Korea Composite Stock Price Index fell 11.57 points, or 0.46 percent, to 2,479.43 in the first 15 minutes of trading.
Institutions and foreigners sold a combined 115 billion won ($86 million) worth of stocks, offsetting individuals' stock purchases valued at 114 billion won.
In Seoul, large-cap stocks declined across the board.
Market bellwether Samsung Electronics Co. fell 0.2 percent, leading home appliance maker LG Electronics Inc. declined 1.6 percent, top carmaker Hyundai Motor Co. dropped 1 percent, and the state-run Korea Electric Power Corp. shed 0.5 percent.
Among gainers, KG Mobility, formerly known as SsangYong Motor Co., rose 0.4 percent, leading refiner SK Innovation Co. climbed 0.6 percent, and steelmaker Posco Holdings gained 0.4 percent.
The local currency was trading at 1,330 won against the US dollar at 9:15 a.m., down 3.7 won from the previous day's close. (Yonhap)
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