Korean stocks open slightly lower on recession woes

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Korean stocks open slightly lower on recession woes

Korean stocks opened slightly lower Monday as investors took to the sidelines amid the recession woes.
The benchmark Korea Composite Stock Price Index (Kospi) had slipped 1.68 points, or 0.07 percent, to 2,312.01 points as of 9:15 a.m.
Stocks got off to another muted start, with the Kospi retreating every session since Dec. 15, except for last Thursday, amid a pessimistic economic outlook for 2023 and monetary tightening moves in major economies.
In Seoul, top cap Samsung Electronics traded flat, and No. 2 chipmaker SK hynix decreased 0.77 percent.
Leading chemical firm LG Chem lost 0.49 percent, and financial heavyweight KB Financial Group retreated 0.67 percent.
Internet portal operator Naver declined 0.28 percent, and leading automaker Hyundai Motor traded unchanged from the previous session.
The local currency was trading at 1,275.2 won against the U.S. dollar as of 9:15 a.m., up 5.6 won from the previous session's close.
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