Stocks steady as concerns despite recession fears

Finance

Published: 26 Jun. 2023, 10:32

Stocks steady as concerns despite recession fears

Screens in Hana Bank's trading room in central Seoul show foreign and stock markets open on Monday. [YONHAP]

Stocks opened largely unchanged Monday following Wall Street's Friday losses as concerns over economic recession linger.

The benchmark Kospi fell 3.08 points, or 0.12 percent, to 2,567.02 in the first 15 minutes of trading. It entered positive territory after 30 minutes of trading.

All U.S. stock indexes finished lower Friday after U.S. Federal Reserve Chairman Jerome Powell reaffirmed the need for more interest rate hikes at a testimony before Congress last week.

In Seoul, large-cap shares opened mixed.

Samsung Electronics rose 0.7 percent.

Carmakers Hyundai Motor upped 0.55 percent, and Kia advanced 1.20 percent.

Steel giant POSCO Holdings also rose almost 1 percent.

LG Energy Solution dropped 0.36 percent, and chipmaker SK hynix shed 0.53 percent.

Biotech Samsung Biologics was down 0.8 percent.

SK Innovation dipped almost 8 percent on the news that the energy company will issue new shares.

The local currency was trading at 1,308.40 won against the dollar at 9:15 a.m., up 4.20 won from Friday's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]