Stocks open lower despite U.S. gains overnight

Stocks opened a tad lower Tuesday amid lingering concerns over additional rate hikes. The benchmark Kospi shed 2.62 points, or 0.1 percent, to 2,616.38 in the first 15 minutes of trading.

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Monday. [YONHAP]

Stocks opened a tad lower Tuesday amid lingering concerns over additional rate hikes.

The benchmark Kospi shed 2.62 points, or 0.1 percent, to 2,616.38 in the first 15 minutes of trading.

Overnight, Wall Street closed higher, with the Dow Jones Industrial Average hitting its highest closing level in 2023, as the market anticipated more upbeat second-quarter earnings results following strong performances from some major banks.

U.S. Treasury Secretary Janet Yellen sent a positive signal to the market, saying she sees the United States on a "good path" to tamp down inflation without tipping the economy into a recession.

The Dow Jones Industrial Average inched up 0.22 percent, and the tech-heavy Nasdaq Composite climbed 0.93 percent. The S&P 500 rose 0.39 percent.

Nevertheless, concerns that the U.S. central bank could raise policy rates at least two more times this year.

In Seoul, large-cap shares opened mixed.

Samsung Electronics shed 0.55 percent, while SK hynix added 0.68 percent.

Hyundai Motor lost 0.25 percent, and Kia went down 0.58 percent.

LG Energy Solution lost 0.19 percent, and Samsung Biologics shed 0.27 percent.

LG Chem advanced 0.45 percent, and Posco Holdings gained 0.52 percent.

The local currency was trading at 1,265.8 won against the dollar at 9:15 a.m., down 0.8 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]