South Korean stocks open lower amid concerns over Fed’s aggressive monetary policy

South Korean shares opened lower on Monday due to concerns regarding the Federal Reserve’s aggressive monetary tightening for a longer-than-expected period. The benchmark Korea Composite Stock Price Index () shed 9.31 points, or 0.37 percent, to 2,498.82 within the first 15 minutes of trading.

Last week, U.S. Federal Reserve officials signaled further potential interest hikes this year while keeping current rates unchanged. 

In Seoul, most top-cap shares opened lower. Market bellwether Samsung Electronics (KS:) lost 0.15 percent, and chip giant SK hynix (KS:) retreated by 1.02 percent. Leading battery maker LG Energy Solution saw a decrease of 0.92 percent, and Posco Holdings sank by 2.46 percent. LG Chem also experienced a decrease, shedding 0.39 percent.

Automakers in the country also experienced a downturn in their opening values. Top automaker Hyundai Motor (OTC:) went down by 0.78 percent, and Kia shed 0.12 percent.

The local currency was trading at 1,334.60 won against the U.S dollar at 9:15 a.m., marking an increase of 2.2 won from the previous session’s close.

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