Seoul shares open nearly flat after sharp slide
Published: 26 Apr. 2023, 09:44
Updated: 26 Apr. 2023, 10:38
Stocks opened nearly flat Wednesday, as big-cap shares rebounded from recent deep losses.
The Kospi shed 1.37 points, or 0.06 percent, to 2,487.65 in the first 15 minutes of trading.
Overnight, U.S. shares fell on renewed concerns about the banking sector instability after the First Republic Bank reported a drop in deposits in the first quarter and its stock sank nearly 50 percent.
The Dow Jones Industrial Average lost 1.02 percent, while the tech-heavy Nasdaq Composite tumbled 1.98 percent.
Major tech shares opened higher.
Market bellwether Samsung Electronics rose 0.63 percent, and battery maker LG Energy Solution added 0.36 percent.
Chipmaker SK hynix surged 3.27 percent after it reported 3.4 trillion won of losses in the first quarter on sagging global demand for chips. It is the worst ever quarterly result for the chipmaker.
Chemical firm LG Chem went down 1.08 percent.
Carmakers got off to a strong start, with Hyundai Motor advancing 1.99 percent and Kia jumping 2.42 percent.
Posco Holdings dropped 2.11 percent, and battery components maker Posco Future M skidded 2.73 percent.
The local currency was trading at 1,339.6 won against the dollar as of 9:15 a.m., up 7.4 won from the previous session's close.
Yonhap
with the Korea JoongAng Daily
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