Seoul shares open sharply lower on continuing U.S. slowdown fears

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a U.S. economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading. On Friday, the KOSPI slumped 3.65 percent to a two-month low of 2,676.19 after U.S. unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy. Moreover, the U.S. unemployment rate, released later Friday (U.S. time), marked 4.3 percent for July amid signs of an economic slowdown. In Seoul, most shares started in negative territory. Market bellwether Samsung Electronics tumbled 4.15 percent and its chipmaking rival SK hynix sank 2.77 percent. Top automaker Hyundai Motor slid 3.28 percent and its sister Kia slumped 4.2 percent. Leading battery maker LG Energy Solution dropped 2.98 percent, and major shipbuilder Hanwha Ocean plunged 7.53 percent. The local currency was trading at 1,363.05 wo n against the U.S. dollar, down 8.15 won from the previous session's close. Source: Yonhap News Agency