Seoul shares open sharply higher after worst crash

South Korean stocks began sharply higher Tuesday following the previous session's worst crash over mounting U.S. recession fears and the sluggish performance of big tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) gained 106.11 points, or 4.35 percent, to 2,547.66 in the first 15 minutes of trading. During the session, the bourse operator issued a sidecar order at 9:06 a.m., halting program purchasing for five minutes, after the KOSPI 200 index rose over 5 percent for more than 1 minute. It was the first sidecar order for program buying since June 16, 2020. The South Korean stock market suffered its largest daily loss of nearly 9 percent on Monday. Following weak economic data last week, including the U.S. payroll report, fears that the world's largest economy is losing steam shook global markets. Overnight, the Dow Jones Industrial Average fell 2.6 percent and the tech-heavy Nasdaq Composite dropped 3.4 percent. In Seoul, most major shares started in positive territory. Samsung E lectronics, the world's largest memory chipmaker, rose 4.62 percent and its rival SK hynix gained 5.83 percent. Leading battery maker LG Energy Solution advanced 4.19 percent and No. 1 carmaker Hyundai Motor jumped 5.13 percent. Major chemicals manufacturer LG Chem increased 4.04 percent and top oil refinery SK Innovation vaulted 6.25 percent. The local currency was trading at 1,371.45 won against the U.S. dollar, up 3.35 won from the previous session's close. Source: Yonhap News Agency