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Seoul shares open sharply lower on tech, auto losses

Oct. 11, 2022 - 09:32 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)

South Korean stocks opened sharply lower Tuesday as investors unloaded tech, auto and other issues amid worries that monetary tightening and geopolitical risks could tip the global economy into a recession.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 48.12 points, or 2.16 percent, to 2,184.72 in the first 15 minutes of trading.

In Seoul, most shares opened sharply lower, with tech and auto issues suffering heavy downswings.

Market bellwether Samsung Electronics tumbled 3.56 percent, and chip giant SK hynix shed 2.96 percent.

Carmakers also traded lower, with top automaker Hyundai Motor sinking 4.27 percent and its affiliate Kia falling 5.63 percent.

Major chemical firm LG Chem went down 0.85 percent, and internet giant Naver skidded 1.88 percent.

Battery maker LG Energy Solutions was among the few gainers by advancing 0.73 percent.

The Korean won was trading at 1,431.80 won against the US dollar as of 9:15 a.m., down 19.4 won from the previous session's close. (Yonhap)