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Seoul stocks sharply down late Fri. morning amid recession woes

Stocks 11:45 September 23, 2022

SEOUL, Sept. 23 (Yonhap) -- South Korean stocks traded more than 1 percent lower late Friday morning amid fears that the global economic recession may deepen.

The Korea Composite Stock Price Index (KOSPI) continued a downward trend and had dropped 1.40 percent to 2,299.72 as of 11:31 a.m.

The market opened lower amid mounting fears the Federal Reserve's aggressive tightening stance could a trigger a pronounced recession.

The ruling People Power Party (PPP) earlier in the day urged the government come up with measures to stabilize the country's financial market and the fast weakening local currency following the Fed's another 75 basis-point rate hike.

In Seoul, most large cap shares traded lower.

Market top-cap Samsung Electronics inched up 0.37 percent, while rival SK hynix lost 2.56 percent.

The country's top refiner SK Innovation plunged 4.56 percent, and battery maker LG Energy Solution dropped 4.61 percent.

Bio shares continued to trend in negative terrain, with Samsung Biologics shedding 1.53 percent and Celltrion dipping 2.96 percent.

The local currency had been trading at 1,409.5 won against the greenback as of 11:20 a.m., up 0.2 won from the previous session's close.


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