Seoul Stocks Plummet on Hawkish Fed Comments

Seoul's stock market opened sharply lower on Monday following hawkish comments from U.S. Federal Reserve Chief Kevin Warsh.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 2.41% to 6,625.28 as of 9:15 a.m., after opening 2.58% down.

Major stocks such as Samsung Electronics and SK hynix fell by 2.53% and 2.18%, respectively, while Hyundai Motor declined by 0.88% and Hanwha Aerospace shed 0.09%.

The only gainers were POSCO Holdings, which rose by 0.15%, and SK Innovation, which jumped by 5.99%.