Seoul shares open lower as Fed hints at slowing rate cut
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)
South Korean stocks opened lower Friday as Federal Reserve Chair Jerome Powell hinted at slowing the central bank's rate cut amid signs of lingering inflation.
The Korean won opened slightly lower against the greenback, continuing to hover above the psychologically important level of 1,400 won.
The benchmark Korea Composite Stock Price Index fell 0.57 points, or 0.57 percent, to 2,405.12 in the first 15 minutes of trading.
During a speech held in Dallas, Powell said the economy is showing no signals that the Fed should be "in a hurry to lower rates."
In Seoul, Samsung Electronics opened 3.01 percent higher as investors hunted for bargains after its recent losing streak.
No. 2 chipmaker SK hynix added 2.02 percent, while top battery maker LG Energy Solution plunged 7.82 percent.
LG Chemical lost 4.17 percent, and leading oil refiner SK Innovation shed 6.62 percent.
The local currency was trading at 1,406.4 won against the greenback, up 1.3 won from the previous session. (Yonhap)
