Seoul shares open steeply lower after US stock plunge
Published : May 19, 2022 - 09:55
Updated : May 19, 2022 - 09:55
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares opened steeply lower Thursday, tracking an overnight plunge on Wall Street that stemmed from fears about high-flying inflation pressure.

The Korea Composite Stock Price Index (KOSPI) fell 47.02 points, or 1.79 percent, to 2,578.96 points in the first 15 minutes of trading.

The S&P 500 sank 4.04 percent Thursday, the sharpest drop since June 2020, as high inflation and lackluster earnings by giant retailers stoked concerns about a possible recession.

The Dow Jones Industrial Average plummeted 3.57 percent, and the tech-heavy Nasdaq composite tumbled 4.73 percent.

Most large caps traded lower in Seoul.

Market bellwether Samsung Electronics Co. lost 1.32 percent, the country's largest chemical company LG Chem shed 2.34 percent, and internet giant Naver retreated 2.89 percent.

Leading automaker Hyundai Motor dropped 2.43 percent, with No. 2 chipmaker SK hynix declining 2.2 percent.

The local currency changed hands at 1,275.65 won against the US dollar as of 9:15 a.m., down 9.05 won from the previous session's close. (Yonhap)