Shares start weak following Wall Street losses

Shares got off to a weak start Wednesday, tracking overnight losses on Wall Street amid dampened hopes for the U.S. Federal Reserve's early rate cuts.

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Tuesday. [NEWS1]

Shares got off to a weak start Wednesday, tracking overnight losses on Wall Street amid dampened hopes for the U.S. Federal Reserve's early rate cuts.

After starting marginally higher, the Kospi dropped 14.13 points, or 0.57 percent, to 2,483.46 in the first 15 minutes of trading.

Overnight, all three major U.S. indexes lost ground as Fed Gov. Christopher Waller's comments cooled bets on the Fed's early rate cuts.

A slide in Apple and Boeing also weighed on the market.

Waller said there is no need to rush to cut interest rates, though the Fed is "within striking distance" of reaching its 2 percent inflation target.

In Seoul, most big-cap shares, except for chips, started in negative territory.

Samsung Electronics rose 0.55 percent, and SK hynix added 0.91 percent.

But LG Energy Solution lost 1 percent, Samsung SDI dropped 1.14 percent, and Posco Future M sank 1.81 percent.

Hyundai Motor also retreated 0.81 percent, and Kia dipped 1.34 percent.

IT and bio shares were also weak.

Naver was down 0.22 percent, and Kakao fell 0.67 percent.

Samsung Biologics lost 0.78 percent, and Celltrion plunged 1.97 percent.

Posco Holdings and LG Chem also declined 1.49 percent and 2.78 percent, respectively.

The local currency was trading at 1,341.20 won against the dollar, up 9.4 won from the previous session's close.

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