Seoul stocks down for 3rd day amid inflation worries

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

Seoul shares closed lower for a third straight session as elevated oil prices stoked inflation worries. The Korean won rose against the U.S. dollar.

Investors were wary as higher oil prices add to inflationary pressures, and the U.S. Federal Reserve has signaled it may need to raise rates this year to tame inflation.