Seoul stocks open steeply lower on Wall Street plunge

South Korean stocks opened steeply lower Tuesday on overnight losses on Wall Street amid concerns that the surging energy prices in the wake of Russia's invasion of Ukraine may hamper the post-pandemic economic recovery.

The benchmark Korea Composite Stock Price Index (Kospi) had retreated 23.13 points, or 0.87 percent, to 2,628.18 points as of 9:17 a.m.

Stocks dropped as investors are worried that rising energy costs may incur a global energy shortage and hurt the economic recovery.

The tech-heavy Nasdaq composite tumbled 3.62 percent, and the Dow Jones Industrial Average retreated 2.37 percent. The S&P 500 plummeted to the lowest point in 17 months.

In Seoul, most large caps traded lower on foreign sell-offs.

Market bellwether Samsung Electronics lost 1.14 percent, while No. 2 chipmaker SK hynix declined 0.84 percent.

Internet portal operator Naver traded flat, and top carmaker Hyundai Motor decreased 0.3 percent. Leading chemical firm LG Chem moved down 1.95 percent.

The local currency was trading at 1,232.15 won against the US dollar, down 5.05 won from the previous session's close. (Yonhap)