Seoul:Seoul shares turned lower after opening higher on Thursday, primarily due to inflation worries fueled by rising oil prices.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) initially opened 0.07 percent higher but then fell 53.32 points, or 0.78 percent, to 6,750.58 by 915 a.m. This shift comes after the Dow Jones Industrial Average dropped 0.66 percent and the Nasdaq Composite fell 0.22 percent overnight.
Investors are concerned about increasing inflationary pressures due to higher oil prices. The U.S. Federal Reserve has indicated it may need to raise interest rates this year to manage inflation.
In Seoul, the performance of large-cap stocks was mixed. Samsung Electronics saw a slight decline of 0.19 percent, while Hyundai Motor fell by 2.53 percent. Hanwha Aerospace decreased by 3.5 percent, and HMM dropped 2.34 percent. In contrast, SK hynix gained 0.75 percent, and Samsung SDI rose by 3.2 percent.
Meanwhile, the Korean won was trading at 1,337.80 against the U.S. dollar, an increase of 1.2 won from the previous session's close.