Seoul shares open slightly lower amid inflationary uncertainties

South Korean stocks opened slightly lower on Tuesday, weighed down by lingering inflation concerns at home and in the United States.

Korea’s composite stock price benchmark (Kospi) edged up 1.08 points, or 0.04%, to 2,973.56 points in the first 15 minutes of trading.

Stocks got off to a lackluster start after the key stock index fell for the previous three consecutive sessions amid jitters over the faster-than-expected cut by the U.S. Federal Reserve and rate hikes to tame inflation . The Bank of Korea’s rate hike last week also weighed on investor sentiment.

Market leader Samsung Electronics fell 0.26% and No. 2 chipmaker SK hynix fell 1.18%.

Internet portal operator Naver edged up 0.15%, while major automaker Hyundai Motor lost 0.98%.

The giant pharmaceutical company Samsung Biologics lost 1.09% and the steelmaker POSCO fell 2.05%.

The local currency was trading at 1,190.55 won against the US dollar, up 2.15 won from the close of the previous session. (Yonhap)