Seoul shares open sharply lower on Fed aftermath
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)
Seoul shares started sharply lower Friday on the US Federal Reserve's hawkish turn, which signaled fewer rate cuts next year.
The benchmark Korea Composite Stock Price Index dropped 24.88 points, or 1.02 percent, to 2,411.05 in the first 15 minutes of trading.
The Korean won continued to hover above 1,450 won per US dollar, the lowest level in 15 years. It was trading at 1,450.9 won against the greenback at 9:15 a.m., up 1 won from the previous session.
Overnight, Wall Street closed almost flat, failing to recover from the previous session's slide sparked by the Fed's hawkish rate cut.
On Wednesday, the Fed cut its rate for the third consecutive time but hinted at a slower easing pace next year, considering the hotter-than-expected economy, driving down the global stock markets.
In Seoul, most big-cap shares kicked off in negative territory.
Tech behemoth Samsung Electronics lost 1.13 percent, while its chipmaking rival SK hynix shot down 3.14 percent.
Top automaker Hyundai Motor shed 1.89 percent, and its sister Kia dipped 1.19 percent.
Bio giant Samsung Biologics tumbled 3.86 percent, and major biopharmaceutical firm Celltrion dropped 1.09 percent.
Korea Zinc, currently in the middle of a management control battle, slid 4.6 percent.
Major shipbuilder HD Hyundai Heavy, meanwhile, rose for the second straight day, jumping 1.57 percent. (Yonhap)
