Seoul Stocks Take a Hit as US Inflation Data Disappoints

Seoul shares opened lower Wednesday after weaker-than-expected inflation data in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.17 points, or 0.91 percent, to 3,186.11 in the first 15 minutes of trading.

U.S. consumer prices rose 2.7 percent in June, below market expectations, even as companies began passing some tariff-related costs on to consumers, analysts reported.

Overnight, U.S. stocks ended mixed, with the Dow Jones Industrial Average falling 0.98 percent to 44,023.29 and the tech-heavy Nasdaq Composite rising 0.18 percent to 20,677.80.

In Seoul, most large-cap stocks declined.

Market bellwether Samsung Electronics fell 0.16 percent, chip giant SK hynix declined 1.76 percent, and top automaker Hyundai Motor shed 0.95 percent.

Leading steelmaker POSCO Holdings dropped 1.4 percent, while major shipbuilder HD Hyundai was down 1.51 percent.

Among the few gainers, state-run utility Korea Electric Power Corp. rose 3.76 percent and top wireless carrier SK Telecom edged up 0.36 percent.

The Korean won weakened against the U.S. dollar, trading at 1,387.40 won per dollar at 9:15 a.m., down 7.2 won from the previous session’s close. (Yonhap)