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피터빈트

Seoul shares open sharply lower on continuing US slowdown fears

By Yonhap

Published : Aug. 5, 2024 - 09:35

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (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)

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a US economic slowdown.

The benchmark Korea Composite Stock Price Index (Kospi) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading.

On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after US unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy.

Moreover, the US unemployment rate, released later Friday, marked 4.3 percent for July amid signs of an economic slowdown.

In Seoul, most shares started in negative territory.

Market bellwether Samsung Electronics tumbled 4.15 percent and its chipmaking rival SK hynix sank 2.77 percent.

Top automaker Hyundai Motor slid 3.28 percent and its sister Kia slumped 4.2 percent.

Leading battery maker LG Energy Solution dropped 2.98 percent, and major shipbuilder Hanwha Ocean plunged 7.53 percent.

The local currency was trading at 1,363.05 won against the US dollar, down 8.15 won from the previous session's close. (Yonhap)

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