Seoul stocks open lower amid Ukraine woes, hawkish Fed

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 28, 2022 | 7:50 AM GMT

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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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.