Seoul shares open lower on renewed recession woes
Published: 19 Jan. 2023, 09:48
Updated: 19 Jan. 2023, 10:29
![A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close on Wednesday. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2023/01/19/68ccd99a-c84e-4f9e-97f5-c9a5c4174b88.jpg)
A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close on Wednesday. [NEWS1]
Korean stocks got off to a weak start Thursday, as the latest U.S. economic data reignited fears of a recession.
The benchmark Kospi lost 2.89 points, or 0.12 percent, to 2,365.43 in the first 15 minutes of trading.
U.S. retail sales and wholesale prices fell more than expected in December, according to its government data released Wednesday (U.S. time). Production at factories also slid more than expected, sending major U.S. stock indexes sharply lower.
Market sentiment was hurt further after key Federal Reserve officials reaffirmed the need for more interest rate hikes to bring inflation under control despite signs of an economic slowdown.
In Seoul, auto and IT service stocks dragged down the Kospi. Automaker Hyundai Motor fell 1.5 percent and its affiliate Kia lost 1 percent.
Internet portal provider Naver retreated more than 1 percent and Kakao also lost about 1.3 percent.
Samsung Electronics inched up about 0.2 percent, with batterymaker LG Energy Solution also gaining 0.3 percent.
The local currency had been trading at 1,236.50 won against the dollar as of 9:15 a.m., down 0.9 won from Wednesday's close.
Yonhap
with the Korea JoongAng Daily
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