On the back of recession fears, Seoul stocks open slightly lower

Concerns about soaring inflation and a worldwide economic slump weighed on South Korean equities, which began marginally lower on Wednesday.

In the first 15 minutes of trade, the Korea Composite Stock Price Index (KOSPI) fell 3.61 points, or 0.14 percent, to 2,592.95.

Until Tuesday, the market had been falling for six days in a row, hitting a 17-month low.

Fears of an economic downturn and the Federal Reserve’s relentless monetary tightening to combat inflation kept US stocks neutral overnight.

The Dow Jones Industrial Average fell 0.26 percent, but the Nasdaq Composite Index rose 0.98 percent.

Big-cap stocks in Seoul were split, with tech stocks performing well.

Samsung Electronics increased 0.145 percent, while SK hynix, a key chipmaker, lost 0.45 percent.

LG Energy Solution, the world’s largest battery manufacturer, fell 0.13 percent, while Samsung SDI fell 1.85 percent.

No. 1 carmaker Hyundai Motor lost 0.55 percent, and Kia decreased 0.48 percent.

But internet portal giant Naver added 0.54 percent, and platform operator Kakao jumped 1.32 percent.

The local currency was trading at 1,277.30 won against the US dollar as of 9:15 a.m., down 0.9 won from the previous session’s close.