The Korea Herald

지나쌤

Seoul stocks open lower on recession fears

By Yonhap

Published : April 6, 2023 - 09:50

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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 Thursday. (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 shares opened lower Thursday amid renewed concerns about an economic recession.

The benchmark Korea Composite Stock Price Index went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading.

Overnight, US stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing US private job growth slowed in March, says about the health of the broader economy.

The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 percent, while the Dow Jones Industrial Average inched up 0.24 percent.

In Seoul, large-cap stocks opened mixed.

Market bellwether Samsung Electronics fell 1.1 percent, and No. 2 chipmaker SK hynix declined 0.83 percent.

Battery makers fell, with LG Energy Solution going down 0.51 percent and Samsung SDI sliding 3.6 percent.

Auto shares gained ground.

Top carmaker Hyundai Motor added 0.59 percent, and Kia climbed 1.23 percent. Biotech firm Samsung Biologics increased 1.78 percent.

The local currency was trading at 1,319.3 won against the greenback as of 9:15 a.m., down 8.8 won from the previous session's close. (Yonhap)