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S. Korean shares open lower amid recession worries

March 27, 2023 - 09:40 By Yonhap
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 shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the US-based Silicon Valley Bank.

The benchmark Korea Composite Stock Price Index fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading.

In Seoul, most large-cap stocks declined.

Market bellwether Samsung Electronics Co. fell 1.3 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped 0.6 percent, and the state-run Korea Electric Power Corp. shed 0.8 percent.

Among gainers, leading cosmetics firm AmorePacific Corp. rose 0.3 percent, top car battery maker LG Energy Solution climbed 3.2 percent, and No. 1 refiner SK Innovation Co. gained 2.3 percent.

The local currency was trading at 1,296.85 won against the US dollar as of 9:15 a.m., down 2.55 won from the previous session's close. (Yonhap)