Kospi opens lower on overnight U.S. losses

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on May 22. [YONHAP]

Korean stocks opened lower Thursday, as investors dumped most blue chips following overnight losses on Wall Street.

The Kospi shed 16.14 points, or 0.61 percent, to 2,609.44 in the first 15 minutes of trading.

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Overnight, U.S. stocks closed lower amid concerns that U.S. President Donald Trump's push for large-scale tax cuts would widen the federal deficit, driving up Treasury yields.

The Dow Jones Industrial Average fell 1.9 percent, and the S&P 500 dropped 1.6 percent. The tech-heavy Nasdaq composite slumped 1.3 percent.

In Seoul, most blue chips traded in negative territory.

Market heavyweight Samsung Electronics and chip rival SK hynix fell 0.9 percent and 0.3 percent, respectively, while leading battery manufacturer LG Energy Solution dropped 0.72 percent.

Automotive and heavy industry shares also retreated. Hyundai Motor fell 1.7 percent, and top defense systems manufacturer Hanwha Aerospace plummeted 1.55 percent.

The local currency was trading at 1,374.35 won against the greenback at 9:15 a.m., surging 12.85 won from the previous session.

Yonhap