S. Korean stocks open lower on U.S. rate concerns

SEOUL, Aug. 22 (Yonhap) -- South Korean shares opened a tad lower Thursday amid the prospect of a U.S. rate freeze.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.19 point, or 0.01 percent, to 1,964.46 in the first 15 minutes of trading.

The slight drop came after the U.S. Federal Reserve released the minutes from its latest Federal Open Market Committee (FOMC) meeting held last month that many analysts said appeared to suggest a "less dovish than expected" stance on future rate cuts.

The analysts, however, have said there may have been a change in stance since the FOMC meeting, partly citing the continued escalation of the U.S.-China trade dispute.

The Dow Jones industrial average added 0.93 percent Wednesday (New York time) to close at 26,202.73.

Large caps traded mixed in Seoul.

Market kingpin Samsung Electronics lost 0.67 percent, while top portal operator NAVER advanced 1.02 percent.

Leading chemical company LG Chem added 0.91 percent, but top automaker Hyundai Motor and its smaller affiliate Kia Motors shed 0.40 percent and 0.35 percent, respectively.

The local currency was trading at 1,204.85 won against the U.S. dollar, down 2.35 won from the previous session's close.

bdk@yna.co.kr
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