Seoul: South Korean shares opened lower Wednesday as investors sat on the sidelines after U.S. Federal Reserve Chair Jerome Powell said the recent stock prices are "fairly highly valued." The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.27 percent, or 9.28 points, to 3,476.91 in the first 15 minutes of trading.
According to Yonhap News Agency, overnight comments from the Fed chair suggested that equity prices might be overvalued, leading to significant declines in major U.S. firms, including Nvidia. The tech-heavy Nasdaq composite fell 0.95 percent, while the S and P 500 shed 0.55 percent. The Dow Jones Industrial Average slid 0.19 percent.
In Seoul, top tech giant Samsung Electronics shed 0.35 percent, and No. 2 chipmaker SK hynix lost 0.28 percent. Leading battery maker LG Energy Solution decreased 0.84 percent, and Samsung SDI slipped 1.19 percent. Financials also faced declines, with Shinhan Financial decreasing 0.72 percent, and Samsung Life Insurance moving down 1.46 percent.
The local currency was quoted at 1,393.7 won against the greenback as of 9:15 a.m., down 1.1 won from the previous session.