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Seoul stocks open lower on Credit Suisse rout

March 16, 2023 - 10:07 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday (Yonhap)

Seoul stocks opened sharply lower Thursday on worries that global investment bank Credit Suisse's fiasco may spread to other financial institutions.

The benchmark Korea Composite Stock Price Index shed 24.03 points, or 1.01 percent, to 2,355.69 points in the first 15 minutes of trading.

Investors remained worried that Swiss-based Credit Suisse, hit by scandals and losing confidence from investors, may face further uncertainties down the road.

On Wednesday, Seoul stocks rebounded from the aftermath of the failure of two US banks.

In Seoul, top cap Samsung Electronics lost 1 percent, and chipmaker SK hynix retreated 1.01 percent.

Leading battery maker LG energy Solutions gained 0.53 percent, while chemical giant LG Chem added 0.83 percent.

The local currency was changing hands at 1,315.7 won against the greenback as of 9:15 a.m., down 12 won from the previous session's close. (Yonhap)