Stocks open steeply down Monday following losses on Wall Street

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Stocks open steeply down Monday following losses on Wall Street

Published: 17 Oct. 2022, 10:18

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets Monday morning. [NEWS1]

Stocks opened steeply lower Monday as the recent plunge on Wall Street spooked local investors.

The benchmark Kospi dropped 29.1 points, or 1.32 percent, to 2,183.45 as of 9:17 a.m.

On Friday, the Nasdaq Composite tumbled 3.08 percent and the Dow Jones Industrial Average fell 1.34 percent amid woes over higher inflation. The S&P 500 retreated 2.37 percent.

In Seoul, Samsung Electronics shed 0.53 percent, and SK hynix lost 1.15 percent.

Hyundai Motor declined 1.2 percent, and its affiliate Kia decreased 1.3 percent.

LG Chem went down 2.97 percent, while LG Energy Solutions edged up 0.1 percent.

Kakao, the operator of mobile messenger app, KakaoTalk, dropped nearly 9 percent due to a service disruption over the weekend that stemmed from a fire at its data center.

The won was exchanging hands at 1,440.5 won against the dollar as of 9:17 a.m., down 12 won from the previous session's close.

BY CHO JUNG-WOO, YONHAP [[email protected]]