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Seoul shares open lower amid lingering recession concerns

Nov. 25, 2022 - 09:38 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened lower Friday, as traders took a wait-and-see stance amid persistent uncertainties over monetary tightening and global economic outlook.

The benchmark Korea Composite Stock Price Index shed 6.5 points, or 0.27 percent, to 2,434.83 as of 9:15 a.m.

While traders are increasingly looking to less aggressive rate hikes by the US Federal Reserve as inflation data shows signs of slowing, upward momentum in global stock markets is lacking. China's worsening COVID-19 situation is adding to concerns.

On Thursday, the Bank of Korea delivered a 25-basis point rate hike to tamp down high inflation. The US market was closed for Thanksgiving overnight.

In Seoul, most large cap shares got off to a weak start.

Market bellwether Samsung Electronics inched down 0.81 percent and SK hynix also declined 0.46 percent. Major chemical firm LG Chem also lost 1.1 percent.

Portal operator Naver shed 0.27 percent, and battery maker LG Energy Solution traded flat.

Samsung Biologics, the biotech arm of South Korea's Samsung Group, rose 0.45 percent.

The local currency was trading hands at 1,333.10 won against the dollar as of 9:15 a.m., down 1.9 won from the previous session's close.