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Seoul shares open lower amid uncertainty over Fed's rate hikes

Aug. 19, 2022 - 09:38 By Yonhap
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened lower Friday amid uncertainty over the US Federal Reserve's future rate hikes.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.53 points, or 0.42 percent, to trade at 2,497.52 points as of 9:15 a.m.

Stocks came off to a lackluster start in the face of overnight gains on Wall Street. The Fed's latest minutes hinted at a possible slowdown in inflation growth.

In July, the Fed raised its benchmark interest rate by 75 basis points for a second straight time to tame the high-flying inflation rates.

In Seoul, market bellwether Samsung Electronics Co. fell 0.98 percent, while No. 2 chipmaker SK hynix Inc. added 0.63 percent.

Internet portal operator Naver lost 1 percent, with its rival Kakao declining 2.65 percent.

The local currency was trading at 1,326.5 won against the US dollar, down 5.8 won from the previous session's close. (Yonhap)