Seoul shares open lower on U.S. rate hike bets

SEOUL, May 26 (Yonhap) -- South Korean stocks got off to a weak start on Tuesday on rising speculation the U.S. central bank was poised to raise interest rates this year if the economy keeps improving as expected.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.48 points, or 0.4 percent, to 2,136.62 in the first 15 minutes of trading.

Securities shares fell after U.S. Federal Reserve Chair Janet Yellen on Friday rekindled expectations that the Fed is on track to hike interest rates later this year.

KDB Daewoo Securities slipped 4.3 percent, and Samsung Securities sank 5 percent.

Tech shares traded bullish. Top market cap Samsung Electronics gained 0.6 percent, and chip giant SK hynix advanced 2.1 percent.

The local currency was trading at 1,098.2 won against the U.S. dollar as of 9:15 a.m., down 8.1 won from Friday's closing price. The Seoul bourse was closed on Monday for a holiday.

ejkim@yna.co.kr
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