Seoul stocks open slightly higher on Tuesday amid concerns over China’s Covid-19 situation

Electronic display boards at Hana Bank in central Seoul show stock and currency markets on Tuesday morning. [YONHAP]

Shares in Seoul opened slightly higher on Tuesday amid escalating concerns over China’s Covid-19 situation.

The Kospi added 2.86 points, or 0.12%, to reach 2,422.36 at 9:15 a.m.

Investors are paying attention to recent Covid-19 developments in China as Beijing could impose tougher virus restrictions, wreaking havoc on its economy. China is Korea’s largest trading partner.

Overnight, US stocks fell, weighed down by interest-rate-sensitive tech stocks, as investors stood on the sidelines to monitor the direction of Fed rate policy.

The S&P 500 fell 0.4%, the Dow Jones Industrial Average edged down 0.1% and the tech-heavy Nasdaq fell 1.1%.

In Seoul, most large-cap stocks started weak.

Samsung Electronics edged down 0.33%, while LG Energy Solution rose 0.35%.

IT stocks lost ground. Naver fell by 1.1% and Kakao by 1.07%.

LG Chem advanced 3.37% after announcing that it would open its new cathode plant in the US state of Tennessee next year.

The local currency was trading at 1,357.6 won against the dollar as of 9:15 a.m., up 2.9 won from the previous session’s close.

BY LIM JEONG-WON, YONHAP [[email protected]]

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