Seoul shares open sharply lower on recession woes
Published : Jun 20, 2022 - 09:39
Updated : Jun 20, 2022 - 09:39
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul shares opened sharply lower Monday, as investors still were gripped by fears that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies.

The Korea Composite Stock Price Index (KOSPI) lost 24.44 points, or 1 percent, to 2,416.49 points as of 9:20 a.m.

Most local heavyweights dropped, still bracing for the impact of the US Fed's key rate hike last week, the largest increase since 1994.

In Seoul, market bellwether Samsung Electronics declined 1.67 percent, and No. 2 chipmaker SK hynix retreated 1.66 percent.

Internet portal giant Naver dropped 0.84 percent, while leading automaker Hyundai Motor added 0.29 percent.

The local currency changed hands at 1,293.25 won against the US dollar as of 9:20 a.m., down 5.95 won from the previous session's close. (Yonhap)