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Seoul shares open lower on recession woes

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

South Korean stocks opened lower Tuesday, tracking overnight falls on Wall Street amid concerns about rate hikes and slower economic growth.

The benchmark Korea Composite Stock Price Index fell 12 points, or 0.51 percent, to trade at 2,363.25 points in the first 15 minutes of trading.

Overnight, US stocks retreated on spreading concerns about the aggressive monetary tightening, fanned by Apple Inc.'s decision to narrow hiring and cut costs.

The tech-heavy Nasdaq composite lost 0.81 percent, and the Dow Jones Industrial Average declined 0.69 percent.

In Seoul, losses on big tech led the KOSPI's decline.

Market behemoth Samsung Electronics dropped 2.42 percent, with No. 2 chipmaker SK hynix losing 1.78 percent. Battery giant LG Energy Solution shed 0.78 percent.

Leading carmaker Hyundai Motor added 0.81 percent, and its smaller affiliate Kia advanced 0.87 percent.

The local currency was trading at 1,318.15 won against the US dollar, down 0.75 won from the previous session's close. (Yonhap)

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