Seoul shares open lower amid dampened hopes for Fed’s early rate cuts

Seoul shares opened lower Friday, after strong jobs data dampened hopes for an early interest rate cut by the Federal Reserve this year. The benchmark Korea Composite Stock Price Index fell 2.65 points, or 0.10 percent, to 2,584.37 in the first 15 minutes of trading. Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average inched up 0.03 percent to 37,440.34, but the tech-heavy Nasdaq declined 0.6 percent to 14,510.30. Data showed U.S. companies hired more in December and jobless claims were lower than expected. Earlier this week, Fed minutes from its December meeting indicated rates could remain at high levels for some time and there will be possible rate cuts later this year. In Seoul, auto, energy and steel stocks led declines. Top carmaker Hyundai Motor Co. fell 0.2 percent, steelmaker POSCO Holdings declined 0.1 percent, leading car battery maker LG Energy Solution dropped 0.8 percent, and leading shipping firm HMM shed 3.5 percent. Among gainers, market bellwether Samsung Electronics Co. rose 0.4 percent, the country's sole aircraft manufacturer Korea Aerospace Industries Co. climbed 1.8 percent, and leading cosmetics firm Amorepacific Corp. gained 1.4 percent. The local currency was trading at 1,313.00 won against the U.S. dollar, down 3 won from the previous session's close. Source: Yonhap News Agency