Seoul stocks open tad lower in wake of US bank failure
Published : Mar 13, 2023 - 09:44
Updated : Mar 13, 2023 - 09:44
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul stocks opened slightly lower Monday, as investors brace for the fallout from the Silicon Valley Bank's collapse amid woes over the Federal Reserve's monetary tightening.

The benchmark Korea Composite Stock Price Index shed 3.79 points, or 0.16 percent, to 2,390.8 points in the first 15 minutes of trading.

The market got off to a lackluster start after the Dow Jones Industrial Average closed down 1.07 percent Friday, with the tech-laden Nasdaq Composite declining 1.76 percent.

Last week, US SVB collapsed in the wake of the Fed's aggressive rate hikes, affecting other lenders and the financial market.

The US Treasury Secretary Janet Yellen and the Fed are shoring up programs to protect the bank customers and prevent damage to the overall financial system.

In Seoul, top cap Samsung Electronics grew 0.34 percent, while chipmaker SK hynix traded flat.

Leading battery maker LG energy Solutions gained 0.91 percent, and chemical giant LG Chem added 0.85 percent. Top carmaker Hyundai Motor decreased 0.57 percent.

The local currency was changing hands at 1,311.1 won against the greenback as of 9:15 a.m., up 13.1 won from the previous session's close. (Yonhap)