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Seoul shares open tad lower amid continued recession woes

By Yonhap

Published : May 31, 2022 - 09:54

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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 slightly lower Tuesday, as worries over a possible recession induced by the US Federal Reserve's pledge to hike rates continued to overshadow the markets despite optimism from China's easing of COVID-19 lockdowns.

The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading.

Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent. Chipmaker SK hynix fell 0.9 percent, and internet portal giant Naver slipped 0.5 percent.

But auto and chemical shares advanced. Top player Hyundai Motor rose 0.5 percent, and leading chemical manufacturer LG Chem gained more than 1 percent.

The local currency had been trading at 1,235.70 won against the US dollar as of 9:15 a.m., up 2.9 won from Monday's close. (Yonhap)

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