Korea's stocks open lower Thursday on recession fears

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Korea's stocks open lower Thursday on recession fears

Published: 06 Apr. 2023, 09:44 Updated: 06 Apr. 2023, 11:37

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

Seoul shares opened lower Thursday amid renewed concerns about an economic recession.

The Kospi went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading.

Overnight, U.S. stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing U.S. private job growth slowed in March, says about the health of the broader economy.

The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 percent, while the Dow Jones Industrial Average inched up 0.24 percent.

In Seoul, large-cap stocks opened mixed.

Samsung Electronics fell 1.1 percent, and SK hynix declined 0.83 percent.

Battery makers fell, with LG Energy Solution going down 0.51 percent and Samsung SDI sliding 3.6 percent.

Auto shares gained ground.

Hyundai Motor added 0.59 percent, and Kia climbed 1.23 percent. Biotech firm Samsung Biologics increased 1.78 percent.

The local currency was trading at 1,319.3 won against the dollar as of 9:15 a.m., up 8.8 won from the previous session's close.

Yonhap