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Seoul shares open lower on Tesla drop, recession woesBy Yonhap
Published : April 21, 2023 - 09:43
South Korean stocks opened lower Friday, led by the decline in auto and battery shares following Tesla Inc.'s sharp fall on Wall Street and US data signaling a slowing economy.
The benchmark Korea Composite Stock Price Index slid 12.97 points, or 0.51 percent, to 2,550.14 in the first 15 minutes of trading.
Wall Street ended lower Thursday after Tesla hinted at more price cuts to come and that it intends to do so even if it hurt its margins.
New claims for unemployment benefits in the United States rose to the highest level in more than two years, pointing to a weak labor market. Housing market data also fell by more than expected in March, adding to the view the economy is heading for a recession.
In Seoul, top battery maker LG Energy Solution lost almost 1.4 percent, with its parent LG Chem falling 1.5 percent. Samsung SDI, another major battery producer, declined 0.3 percent.
No. 1 automaker Hyundai Motor retreated 1.5 percent, and its affiliate Kia dropped more than 1 percent.
Chip giants advanced, with market behemoth Samsung Electronics gaining 0.5 percent and SK hynix rising 0.7 percent.
The local currency was trading at 1,326.6 won against the US dollar at around 9:15 a.m., down 3.8 won from Thursday's close. (Yonhap)
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