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Seoul shares sharply down late Wed. morning on recession fears

All News 11:30 June 22, 2022

SEOUL, June 22 (Yonhap) -- Seoul shares widened losses late Wednesday morning, despite Wall Street's overnight rebound, as investor sentiment remained fragile amid bold monetary tightening in major economies and fears about a recession.

The Korea Composite Stock Price Index (KOSPI) had shed 41.21 points, or 1.71 percent, to 2,367.72 as of 11:20 a.m.

Overnight, Wall Street made a comeback following a brutal week in the wake of the U.S. Federal Reserve's rate hike of 0.75 percent, its steepest increase since 1994, to tame inflation.

On Tuesday (local time), the S&P 500 rose 2.45 percent and the Dow Jones Industrial Average gained 2.15 percent. The Nasdaq Composite also climbed 2.51 percent.

In Seoul, shares fell across the board.

Market bellwether Samsung Electronics fell 0.51 percent, and No. 2 chipmaker SK hynix dipped 3.57 percent.

Battery maker LG Energy Solution shed 1.45 percent, and Samsung Biologics, the biotech arm of South Korea's Samsung Group, retreated 0.12 percent. Leading chemical company LG Chem declined 1.76 percent.

Hyundai Motor was flat.

The local currency was trading at 1,295.80 against the U.S. dollar as of 11:20 a.m., down 2.2 won from the previous session's close.


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