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Seoul stocks open lower on Powell's remarks on stock market

Published: 24 Sep. 2025, 09:59

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Sept. 24. [YONHAP]

Shares opened lower Wednesday as investors sat on the sidelines after U.S. Federal Reserve Chair Jerome Powell said the recent stock prices are "fairly highly valued."

The Kospi lost 0.27 percent, or 9.28 points, to 3,476.91 in the first 15 minutes of trading.

Overnight, the Fed chair said in a speech that equity prices may be overvalued, driving major U.S. firms, including Nvidia, to plummet.

The tech-heavy Nasdaq composite fell 0.95 percent, and the S&P 500 shed 0.55 percent. The Dow Jones Industrial Average slid 0.19 percent.

In Seoul, top tech giant Samsung Electronics shed 0.35 percent, and No. 2 chipmaker SK hynix lost 0.28 percent. Leading battery maker LG Energy Solution decreased 0.84 percent, and Samsung SDI slipped 1.19 percent.

Shinhan Financial Group decreased 0.72 percent, and Samsung Life Insurance moved down 1.46 percent.

The local currency was quoted at 1,393.7 won against the greenback as of 9:15 a.m., up 0.19 percent from the previous session of 1,391 won.

Yonhap