Seoul stocks open lower amid Ukraine woes, hawkish Fed

South Korean stocks opened lower Monday, as investors remained cautious about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the US Federal Reserve.

The benchmark Korea Composite Stock Price Index retreated 16.51 points, or 0.6 percent, to trade at 2,713.47 points as of 9:15 a.m.

Stocks came off to a lackluster start as the Ukraine-Russian tensions continue to stoke concerns about high commodity prices and inflation growth.

Most large caps traded lower in Seoul, with market bellwether Samsung Electronics sliding 0.43 percent and No. 2 chipmaker SK hynix trading flat.

Internet portal operator Naver shed 2.25 percent, battery heavyweight LG Energy Solution slid 0.57 percent, and leading carmaker Hyundai Motor declined 0.86 percent.

The local currency was trading at 1,224.3 won against the US dollar, down 5.5 won from the previous session’s close. (Yonhap)

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