Seoul shares open lower, tracking overnight US losses

Korean stocks opened lower Wednesday as investors tracked overnight losses on Wall Street caused by rising bond yields amid inflation woes. After starting 0.72 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) went down 141.07 points, or 1.94 percent, to 7,130.59 as of 9:15 a.m. Overnight, U.S. stocks extended their decline from recent record highs as rising U.S. Treasury yields and persistent inflation concerns continued to weigh on investor sentiment. The S&P 500 fell 0.7 percent for its third consecutive loss, while the Dow Jones Industrial Average dropped 0.6 percent. The tech-heavy Nasdaq Composite declined 0.8 percent. Most market heavyweights in Seoul traded lower. Top-cap Samsung Electronics started 0.18 percent lower, and its chipmaking rival SK hynix lost 2.29 percent. Artificial intelligence investment firm SK Square shed 0.59 percent, and leading battery maker LG Energy Solution lost 2.38 percent. Automobile shares were also among the losers. Top automaker Hyundai Motor shed 3.48 percent, and its smaller affiliate Kia declined 2.91 percent. The Korean won was

Original source: Korea Times