Seoul Shares Decline as Global Market Concerns Persist

Seoul: Seoul shares opened lower on Thursday, mirroring overnight losses on Wall Street, amid growing concerns regarding the U.S. Federal Reserve's approach to interest rate adjustments. The Korea Composite Stock Price Index (KOSPI) fell by 8.92 points, or 0.34 percent, to 2,590.70 shortly after trading began. According to Yonhap News Agency, the overnight decline in U.S. markets was marked by a 0.96 percent drop in the Dow Jones Industrial Average, which closed at 42,514.95, and a 1.6 percent decrease in the Nasdaq Composite, ending at 18,276.65. These losses have influenced the performance of large-cap stocks in Seoul. In the Korean market, major stocks showed varied performance. Samsung Electronics Co., a key player in the market, saw a decline of 2 percent. SK hynix Inc., the second-largest chipmaker, fell by 1.5 percent, while Hyundai Motor Co., the leading car manufacturer, decreased by 1.5 percent. Korea Gas Corp., a state-operated entity, experienced a 1.1 percent drop. Conversely, some companies r egistered gains. LG Energy Solution Ltd., a prominent battery manufacturer, rose by 2.5 percent. SK Innovation Co., a leading refiner, increased by 0.9 percent, and Korean Air Co., the national airline, saw a slight uptick of 0.2 percent. The local currency, the South Korean won, was trading at 1,381.50 against the U.S. dollar, marking an increase of 0.7 won from the previous session.