South Korean stocks opened steeply lower Friday as investors await the results of the meeting in Jackson Hole, Wyoming, for clues about the US Federal Reserve's stance about its tapering timeline.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.65 points, or 0.31 percent, to trade at 3,118.88 points in the first 15 minutes of trading.

The KOSPI and its global stock peers retreated amid concerns that the Fed could start rolling back its accommodative policies as early as later this year, as signaled in its latest minutes.

Overnight, the Dow Jones Industrial Average lost 0.54 percent, and the tech-heavy Nasdaq Composite declined 0.64 percent. The S&P 500 decreased 0.58 percent.

Fed Chairman Jerome Powell is scheduled to deliver his remarks virtually Friday (US time) at the Fed's annual Jackson Hole gathering.

In Seoul, market bellwether Samsung Electronics edged down 0.13 percent, and No. 2 chipmaker SK hynix shed 1.44 percent.

Internet portal operator Naver moved down 0.47 percent, and giant pharmaceutical firm Samsung Biologics lost 0.52 percent.

Top automaker Hyundai Motor fell 0.95 percent, with leading chemical firm LG Chem down 0.63 percent. Top bank stock Kakao Bank gained 0.24 percent.

The local currency was trading at 1,172.95 won against the US dollar, up 2.45 percent from the previous session's close. (Yonhap)