Stocks open lower after Fed Chair hints at rate hikes

The main Kospi lost 35.19 points, or 1.46 percent, to 2,380.61 in the first 15 minutes of trading.

The Kospi has dipped below the psychologically important threshold of 2,400 on Friday at market open. [YONHAP]

Stocks got off to a weak start Friday, affected by U.S. Federal Reserve Chair Jerome Powell's remarks hinting at further rate hikes.

The main Kospi lost 35.19 points, or 1.46 percent, to 2,380.61 in the first 15 minutes of trading.

U.S. stocks closed lower after Powell hinted at additional hikes.

The Dow Jones Industrial Average fell 0.75 percent, and the Nasdaq Composite dropped 0.96 percent.

In Seoul, market heavyweights led the decline.

Top-cap Samsung Electronics decreased 1.44 percent, and No. 2 LG Energy Solution sank 2.76 percent.

Top steelmaker Posco Holdings slid 1.99 percent, and leading zinc smelter Korea Zinc fell 1.34 percent.

Bank shares also dropped, with Hana Financial Group retreating 0.69 percent and KB Financial Group losing 0.17 percent.

The local currency was trading at 1,358.85 won against the U.S. dollar at 9:15 a.m., down 1.45 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]