Korean shares open lower amid recession worries

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close on Monday. [NEWS1]

Seoul shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the U.S.-based Silicon Valley Bank.

The benchmark Kospi fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading.

In Seoul, most large-cap stocks declined.

Samsung Electronics fell 1.3 percent, and chipmaker SK hynix declined 1.3 percent.

Carmaker Hyundai Motor dropped 0.6 percent, and the state-run Korea Electric Power Corporation shed 0.8 percent.

Among gainers, cosmetics firm AmorePacific rose 0.3 percent.

Battery maker LG Energy Solution climbed 3.2 percent and refiner SK Innovation gained 2.3 percent.

The local currency was trading at 1,296.85 won against the dollar as of 9:15 a.m., up 2.55 won from the previous session's close.

Yonhap