Seoul shares open tad lower on recession woes
Published : May 11, 2022 - 09:35
Updated : May 11, 2022 - 09:46
An electronic board showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

South Korean stocks opened slightly lower Wednesday as concerns over high inflation and a global economic downturn continued to weigh down the market.

The Korea Composite Stock Price Index (KOSPI) lost 3.61 points, or 0.14 percent, to 2,592.95 in the first 15 minutes of trading.

The market had fallen for six days in a row until Tuesday, hitting a 17-month low.

Overnight, US shares ended mixed on fears over an economic slowdown and the Federal Reserve's aggressive monetary tightening to curb inflation.

The Dow Jones Industrial Average went down 0.26 percent, while the Nasdaq Composite Index advanced 0.98 percent.

In Seoul, big-cap shares traded mixed, with tech shares in positive terrain.

Market bellwether Samsung Electronics rose 0.145 percent, while major chipmaker SK hynix fell 0.45 percent.

Top battery maker LG Energy Solution inched down 0.13 percent, and Samsung SDI sank 1.85 percent.

No. 1 carmaker Hyundai Motor lost 0.55 percent, and Kia decreased 0.48 percent.

But internet portal giant Naver added 0.54 percent, and platform operator Kakao jumped 1.32 percent.

The local currency was trading at 1,277.30 won against the US dollar as of 9:15 a.m., down 0.9 won from the previous session's close. (Yonhap)