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Seoul shares open slightly higher after Monday's rout

June 21, 2022 - 09:47 By Yonhap
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

Seoul shares opened slightly higher Tuesday, after the market slipped by more than 2 percent the previous day on concerns 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) rose 2.62 points, or 0.11 percent, to 2,393.65 points in the first 15 minutes of trading.

On Monday, the index slumped 2.04 percent to close at a fresh 19-month low of 2,391.03, weighed by tech heavyweights, including Samsung Electronics. The KOSPI dipped to an intraday low of 2,372.35.

Fears of a potential economic downturn amid high inflation and rising interest rates have many investors increasingly losing their appetite for risky assets, like stocks and cryptocurrencies.

The US stock market was closed Monday for Juneteenth, a federal holiday that observes the end of slavery in the country.

In Seoul, market bellwether Samsung Electronics rose 0.17, and No. 2 chipmaker SK hynix also inched up 0.21 percent.

Battery maker LG Energy Solution and Samsung Biologics, the biotech arm of South Korea's Samsung Group, remained flat.

Leading chemical company LG Chem and Kakao, operator of South Korea's top mobile messenger KakaoTalk, declined 0.35 and 0.29, respectively.

The local currency had changed hands at 1,291.70 against the US dollar as of 9:15 a.m., up 0.70 won from the previous session's close. (Yonhap)