Seoul shares opened lower Monday after weaker U.S. employment data, amid concerns that the Federal Reserve has waited too long to cut rates as recession risks grow.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.3 percent, or 33.89 points, to 2,510.39 in the first 15 minutes of trading.

Weaker-than-expected employment data in August weighed on investor sentiment ahead of the Fed’s rate decision later this month, analysts said.

They said investors will focus on next week’s inflation data to get a final clue on the U.S. central bank’s monetary policy.

In Seoul, tech stocks were lead decliners.

Market behemoth Samsung Electronics Co. fell 2.5 percent, No. 2 chipmaker SK hynix Inc. retreated 2.6 percent, No. 1 auto parts maker Hyundai Mobis Co. shed 0.9 percent, and state utility Korea Electric Power Corp. was down 0.9 percent.

Among gainers, top carmaker Hyundai Motor Co. rose 0.2 percent, leading battery maker LG Energy Solution Ltd. climbed 0.1 percent, and leading refiner SK Innovation
Co. gained 0.4 percent.

The local currency was trading at 1,337.95 won against the U.S. dollar, down 10.35 won from the previous session.

Source: Yonhap News Agency