Stocks make slight recovery after weak start Tuesday

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Stocks make slight recovery after weak start Tuesday

Published: 29 Nov. 2022, 10:34

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

Stocks turned a tad higher after a weak start Tuesday, amid concerns over China's strict Covid-19 lockdowns and hawkish remarks by U.S. Federal Reserve policymakers on rate policy outlooks.

After starting lower, the Kospi rose 0.95 points, or 0.04 percent, to 2,409.22 in the first 15 minutes of trading.

Protests across China against the government's aggressive Covid-19 lockdowns have sparked worries over the world's second-largest economy as Beijing has yet to show any sign of an exit from its zero-Covid-19 policy.

Hard-line comments from U.S. Federal Reserve officials pointing to more interest rate hikes through next year sent Wall Street ending the session lower.

In Seoul, major stocks traded mixed. Samsung Electronics lost 0.3 percent, with LG Chem sliding 0.7 percent. LG Energy Solution was up 0.5 percent, and SK hynix added 0.4 percent.

The local currency had been trading at 1,337.80 won against the dollar as of 9:15 a.m., down 2.4 won from Monday's close.

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