Shares open lower following hawkish Fed minutes release

Shares opened lower Thursday, following an overnight slump in U.S. stocks, after the latest U.S. Federal Reserve minutes indicated interest rates will remain at high levels for some time.

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

Shares opened lower Thursday, following an overnight slump in U.S. stocks, after the latest U.S. Federal Reserve minutes indicated interest rates will remain at high levels for some time.

The Kospi fell 10.97 points, or 0.42 percent, to 2,596.34 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.8 percent to 37,430.19, and the tech-heavy Nasdaq declined 1.2 percent to 14,592.21.

Fed minutes from its December meeting indicated rates could remain at high levels for the time being, and there will be possible rate cuts before the year is out.

In Seoul, tech, auto and steel stocks led declines.

Samsung Electronics fell 0.4 percent, Hyundai Motor declined 1.8 percent, Posco Holdings dropped 0.2 percent, and state utility Korea Electric Power Corporation shed 1.1 percent.

Among gainers, LG Chem rose 0.4 percent, HMM jumped 5.4 percent, and SK Telecom was up 0.1 percent.

The local currency was trading at 1,309.15 won against the dollar, up 4.35 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]