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Seoul shares open lower on mounting recession fears

Stocks 09:32 September 23, 2022

SEOUL, Sept. 23 (Yonhap) -- Seoul stocks opened lower Friday on mounting fears that a global recession may further deepen amid aggressive monetary tightening drives around the globe.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 10.39 points, or 0.45 percent, to 2,321.92 in the first 15 minutes of trading.

Overnight, U.S. stocks fell again amid fears that recent rate hikes from central banks around the world could tip the economy into a recession.

Central banks in major economies, such as Britain, raised rates as the U.S. Federal Reserve delivered its third consecutive increase of 75 basis points earlier this week.

The S&P500 fell for the third straight day on Thursday (local time). The Dow Jones Industrial Average fell 0.4 percent, and the tech-heavy Nasdaq lost 1.4 percent.

In Seoul, most large cap shares started weak.

Market bellwether Samsung Electronics inched up 0.37 percent after closing at a two-year low the previous trading session. Major chipmaker SK hynix lost 0.47 percent.

Top automaker Hyundai Motor dipped 1.03 percent, while battery maker LG Energy Solutions slid 1.23 percent.

The local currency was changing hands at 1,408.1 won against the greenback as of 9:15 a.m., up 1.6 won from the previous session's close.

fairydust@yna.co.kr
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