Seoul: Seoul shares opened lower Wednesday after weaker-than-expected inflation data in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.17 points, or 0.91 percent, to 3,186.11 in the first 15 minutes of trading.
According to Yonhap News Agency, U.S. consumer prices rose 2.7 percent in June, below market expectations, even as companies began passing some tariff-related costs on to consumers. Overnight, U.S. stocks ended mixed, with the Dow Jones Industrial Average falling 0.98 percent to 44,023.29 and the tech-heavy Nasdaq composite rising 0.18 percent to 20,677.80.
In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics fell 0.16 percent, chip giant SK hynix declined 1.76 percent, and top carmaker Hyundai Motor shed 0.95 percent. Leading steelmaker POSCO Holdings dropped 1.4 percent, and leading shipbuilder HD Hyundai was down 1.51 percent.
Among gainers, state-run utility Korea Electric Power Corp. rose 3.76 percent and top wireless carrier SK Telecom edged up 0.36 percent. The local currency was trading at 1,387.40 won against the U.S. dollar at 9:15 a.m., down 7.2 won from the previous session.