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Seoul shares open lower on U.S. rate hike woes

SEOUL, July 21 (Yonhap) -- South Korean stocks started lower Friday as investors took a cautious stance amid strong U.S. jobs data.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.37 points, or 0.94 percent, to 2,575.86 in the first 15 minutes of trading.

Overnight on Wall Street, the Dow Jones Industrial Average gained 0.47 percent, while the tech-heavy Nasdaq Composite tumbled 2.05 percent.

The latest U.S. Labor Department data showed that weekly jobless claims fell again last week, suggesting the Federal Reserve will maintain higher interest rates.

In Seoul, big-cap shares led the downside trend.

Market bellwether Samsung Electronics lost 1.97 percent, and its chipmaking rival SK hynix retreated 2.48 percent.

Top carmaker Hyundai Motor dropped 0.7 percent, and its auto parts affiliate Hyundai Mobis slid 1.24 percent.

The local currency was trading at 1,278.65 won against the U.S. dollar at 9:15 a.m., down 8.75 won from the previous session's close.

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