 |
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) |
South Korean shares opened sharply lower Friday, tracking overnight losses on Wall Street, as the US Federal Reserve's continued push for aggressive monetary tightening deepened concerns about a global economic recession.
The benchmark Korea Composite Stock Price Index fell 20.39 points, or 0.86 percent, to 2,340.58 in the first 15 minutes of trading.
Overnight, the Dow Jones Industrial Average lost 2.25 percent, and the tech-heavy Nasdaq Composite sank 3.23 percent, as data showed that retail sales fell more than expected in November, stoking recession fears.
On Wednesday, Chair Jerome Powell said the Fed has "more work to do" to rein in inflation. During the latest rate-setting meeting, it raised its benchmark rate by 50 basis points, and it is forecast to raise the interest rate to a higher-than-expected level next year.
In Seoul, most shares lost ground.
Market bellwether Samsung Electronics fell 1.01 percent, and No. 2 chipmaker SK hynix sank 2.24 percent.
Leading battery maker LG Energy Solution shed 1.13 percent, and Samsung SDI declined 1.05 percent. LG Chem also lost 1.09 percent.
Bio shares also went down, with Samsung Biologics decreasing 1.09 percent and Celltrion skidding 0.56 percent.
Top automaker Hyundai Motor retreated 0.31 percent, and its affiliate Kia inched down 0.16 percent.
The local currency was trading at 1,313.65 won against the US dollar as of 9:15 a.m., down 10.55 won from the previous session's close. (Yonhap)
