Seoul shares open lower on recession fears; Korean won sharply down

South Korean shares received off to a weak begin Wednesday, as downbeat information from Europe, coupled with an vitality disaster amid Russia’s conflict in Ukraine, amplified fears over a world financial downturn.

The Korea Composite Inventory Value Index (KOSPI) retreated 27.89 factors, or 1.19 p.c, to 2,313.89 within the first quarter-hour of buying and selling.

The steep decline in euro, Germany’s commerce deficit in additional than three a long time, and a drop in oil costs fueled considerations over a world recession, sending the primary US indexes down Tuesday (US time) earlier than they ended the session blended on account of tech beneficial properties.

Most market heavyweights in Seoul fell.

Tech heavyweight Samsung Electronics misplaced 0.9 p.c, and prime automaker Hyundai Motor dipped 1.4 p.c. Oil refiner SK Innovation tumbled greater than 4 p.c.

In distinction, main battery maker LG Vitality Resolution gained practically 1 p.c, and pharmaceutical large Celltrion rose 1 p.c.

The native foreign money began sharply decrease towards the US greenback, buying and selling at 1,309.25 received as of 9:15 a.m., down 8.95 received from Tuesday’s shut. (Yonhap)