Seoul - South Korean stocks saw a decline on Friday morning, influenced by overnight losses on Wall Street and remarks from US Federal Reserve Chair Jerome Powell. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 0.96 percent to 2,403.86 by 11:20 a.m. Powell's indication of potential further interest rate hikes contributed to the sagging performance of US stocks, with the Dow Jones Industrial Average falling 0.7 percent and the Nasdaq Composite slipping 0.9 percent.
According to Yonhap news Agency, institutional investors in Seoul have been selling shares in response to these global market trends.
In the local market, major companies experienced a downturn. Samsung Electronics saw a decrease of 0.71 percent, while LG Energy Solution dropped 3.26 percent. Other significant losses were observed in POSCO Holdings and SK Innovation, along with the chemical sector, including LG Chem and Lotte Chemical. The South Korean won also weakened against the US dollar, trading at 1,316.40 won as of 11:20 a.m., marking a decline of 6.3 won from the previous session's close. These developments reflect the sensitive nature of the South Korean stock market to global economic signals and policy changes.