Stocks open lower Thursday as concerns over global recession linger

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets Thursday. [YONHAP]

Stocks opened lower Thursday amid persistent concerns over a global economic recession.

The Kospi lost 9.21 points, or 0.42 percent, to 2,193.26 in the first 15 minutes of trading.

Overnight, Wall Street closed slightly down ahead of the release of the September consumer price index, one of the key indicators that determines the pace of the U.S. Federal Reserve's monetary policy tightening.

Minutes from the Fed's September meeting, out Wednesday, confirmed its hawkish stance on rate hikes until hot inflation is brought under control.

The S&P 500 slipped 0.3 percent, hitting the lowest since November 2020, while the Dow Jones Industrial Average rose 0.1 percent. The Nasdaq Composite declined 0.1 percent.

In Seoul, most shares opened lower.

Samsung Electronics shed 0.36 percent, and SK hynix lost 0.53 percent.

Hyundai Motor declined 0.89 percent while its affiliate Kia gained 0.88 percent.

LG Chem dropped 0.17 percent, while battery maker LG Energy Solutions added 1.04 percent.

Scandal-ridden bio firm Sillajen, which resumed stock trading Thursday after a two-and-a-half year suspension over executives' illegalities and other issues, soared 24.7 percent from its opening price of 8,380 won. But it was still down around 14 percent from its closing price before the suspension.

The won was trading at 1,427.20 won against the dollar as of 9:15 a.m., up 2.4 won from the previous session's close.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]