Seoul shares down for 3rd day amid inflation worries

What happened: Seoul shares closed lower Thursday, a third straight losing session, as elevated oil prices stoked inflation worries. The Korean won rose against the US dollar. Key numbers: Kospi fell 177.97 points, or 2.62 percent, to 6,625.93. Institutions sold a net 1.67 trillion won and foreigners 1.99 trillion won; individuals bought a net 2.9 billion won. Why it matters: Investors were wary as higher oil prices add to inflationary pressures, and the US Federal Reserve has signaled it may need to raise rates this year to tame inflation. Tech stocks led the Seoul decline.

Seoul shares closed lower Thursday, a third straight losing session, as elevated oil prices stoked inflation worries. The Korean won rose against the US dollar.

Investors were wary as higher oil prices add to inflationary pressures, and the US Federal Reserve has signaled it may need to raise rates this year to tame inflation. Tech stocks led the Seoul decline.