South Korean stocks dropped by more than 1 percent to the lowest point in over seven months Friday amid woes over the US Federal Reserve's further monetary tightening. The local currency rose against the US dollar.

The benchmark Korea Composite Stock Price Index lost 40.8 points, or 1.69 percent, to close at 2,375, marking the lowest level since March 14, when the Kospi finished at 2,348.97.

Trading volume was slim at 507.2 million shares worth 8.8 trillion won ($6.5 billion), with decliners beating gainers 757 to 135.

In a speech delivered at a discussion session in New York on Thursday (US time), Federal Reserve Chairman Jerome Powell said inflation is still "too high," leaving the door open for another interest rate hike.

"Powell's statement and a spike in longer-term bond yields weighed heavily on investor sentiment," said Lee Kyung-min, an analyst at Daishin Securities.

In Seoul, tech and battery stocks led the market decline.

Top-cap Samsung Electronics dropped 1.01 percent to 68,800 won, and home appliance maker LG Electronics fell 0.75 percent to 105,400 won.

Battery shares continued their bearish mode following Tesla's weaker-than-expected third-quarter earnings. Major players LG Energy Solution and Posco Future M tumbled 3.54 percent and 5.66 percent to 436,500 won and 300,000 won, respectively.

Gamemakers were also in negative territory, with NCSoft falling 3.59 percent to 228,500 won and Netmarble dropping 2.98 percent to 37,500 won.

Korean Air Lines decreased 1.43 percent to 19,350 won, and Asian Airlines sank 2.63 percent to 9,640 won ahead of a key board meeting to sell the latter's cargo division for the two company's takeover deal.

Leading pharmaceutical firm Celltrion retreated 0.07 percent to 142,200 won after announcing a general shareholders meeting next week to make a decision on a planned merger with its sales affiliate Celltrion Healthcare.

The local currency ended at 1,352.4 won against the US dollar, up 5 won from the previous session's close. (Yonhap)

• ·Court overturns ruling on fabricated asylum interview: report
• ·OpenAI CEO's ouster was over "breakdown of communications," not "malfeasance"
• ·[From the scene] Nakwon
• ·인요한 “한동훈, 신선하고 합리적…총선 역할 결정된다면 좋은 일”
• ·[News Focus] Why Kim Jong
• ·N. Korea notifies Japan of plan to launch satellite between Wednesday and Dec. 1: report
• ·[Herald Interview] ‘Battery expansion to prompt strong cobalt, lithium trading’
• ·Fifty Fifty's Keena marks group's 1st anniversary with apology
• ·Congresswoman redoubles calls for support to designate Nov. 22 as 'Kimchi Day'
• ·OpenAI CEO's ouster was over "breakdown of communications," not "malfeasance"
• ·[Today’s K
• ·EcoPro, SK Ecoplant to build EV battery recycling plant in Hungary
• ·GC Biopharma breaks ground for Indonesia’s first blood products plant
• ·Prosecutors seek 5
• ·인요한 “한동훈, 신선하고 합리적…총선 역할 결정된다면 좋은 일”
• ·추미애 "尹대통령 지지율 30%대 받쳐주는 철벽통들이 있다"