S. Korea eyes chip alliance with Netherlands
Suneung without 'killer questions' still not easy, results show
Teens' excessive smartphone use linked to mental health risk: study
US defense policy bill calls for maintaining 28,500 US troops in Korea
Ex-justice minister's daughter attends forgery trial in college admissions scandal
Seoul shares open lower amid US debt ceiling woesBy Yonhap
Published : May 15, 2023 - 09:33
South Korean stocks opened slightly lower Monday, as growing worries over the debt ceiling standoff between the US government and Congress weighed on investor sentiment.
The benchmark Korea Composite Stock Price Index slipped 4.10 points, or 0.17 percent, to 2,471.32 in the first 15 minutes of trading.
The Joe Biden administration and a divided Congress have yet to reach an agreement over raising the US government's $31.4 trillion borrowing limit, with the Congressional Budget Office warning Friday of significant risks of defaulting on payments in June if the debt ceiling is not raised.
US consumer sentiment slumped to a six-month low in May, adding to concerns the economy is falling into recession.
All three major US indexes finished lower Friday.
In Seoul, large-cap auto shares lost ground. Industry leader Hyundai Motor fell 0.72 percent, and its auto components-making affiliate Hyundai Mobis lost 0.5 percent.
Tech behemoth Samsung Electronics gained 0.16 percent. Top chemical maker LG Chem added 0.2 percent.
The local currency was trading at 1,340.20 won against the US dollar at around 9:15 a.m., down 5.7 won from Friday's close. (Yonhap)
4 contentious bills scrapped in revote after Yoon's veto
S. Korea logs current account surplus for 6th month in October
Ex-Democratic Party chair denies bribery, illegal campaign allegations