Seoul shares open lower on lingering U.S. recession woes

South Korean stocks started lower Thursday amid lingering fears about a U.S. recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 28.7 points, or 1.12 percent, to 2,539.71 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.6 percent and the Nasdaq Composite dropped 1.05 percent as investors were still worried about a possible U.S. recession and the sluggish performance of big tech companies. The KOSPI has risen for two straight sessions after plunging nearly 9 percent Monday due to massive selloffs. In Seoul, large-cap shares led the weak opening. Market bellwether Samsung Electronics decreased 1.74 percent and its chipmaking rival SK hynix sank 3.66 percent. Top carmaker Hyundai Motor dipped 1.27 percent and its auto parts affiliate Hyundai Mobis went down 0.94 percent. Bank shares were bearish as KB Financial Group dropping 0.25 percent and Shinhan Financial Group skidding 0.56 percent. The local currency was trading at 1,377.95 won against the U.S. dollar, down 1.15 won from the previous session's close. Source : Yonhap News Agency