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An electronic billboard showing the Korea Composite Stock Price Index (KOSPI) in the dealing room of Hana Bank headquarters in Seoul on Tuesday. (union) |
South Korean stocks opened sharply lower on Tuesday as investors sold off tech, autos and other stocks amid fears that tighter monetary policy and geopolitical risks could push the global economy into recession. did.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 48.12 points (2.16%) to 2184.72 in the first 15 minutes of trading.
In Seoul, most stocks opened sharply lower, with tech and auto issues hitting big losses.
Market leader Samsung Electronics fell 3.56%, while semiconductor giant SK Hynix fell 2.96%.
Automakers also fell, with top automaker Hyundai Motor down 4.27% and affiliate Kia Motors down 5.63%.
Chemical giant LG Chem dropped 0.85%, while internet giant Naver dropped 1.88%.
Battery maker LG Energy Solutions was one of the few gainers, rising 0.73%.
As of 9:15 am, the Korean won was trading at 1,431.80 won against the dollar, down 19.4 won from the closing price of the previous session. (union)