"Oil prices surged after oil producers announced surprise cuts, fueling worries over inflation. On Friday, the Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite jumped 1.7 percent amid hopes that the Fed may slow down its monetary tightening after the PCE data showed signs of easing.
The personal consumption expenditure price index, an inflation gauge closely watched by the Federal Reserve, rose at a slower-than-expected rate of 0.3 percent in February. The oil producers' output cuts come just after data showed that US inflation may slow down at some point. Trading volume was moderate at 801.73 million shares worth 11.16 trillion won ($8.5 billion), with gainers outpacing decliners 510 to 370. The benchmark Korea Composite Stock Price Index fell 4.52 points, or 0.18 percent, to close at 2,472.34. The Korean won sharply fell against the US dollar.
South Korean shares ended lower to snap their four-day winning streak Monday as Saudi Arabia and other OPEC+ members' announcement of surprise output cuts are raising renewed concerns over inflation.
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