Seoul shares open sharply lower on recession woes

SEOUL, Sept. 23 (Yonhap) -- South Korean stocks opened sharply lower on Friday as investors showed skittishness over growing fears about the global economic recession, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 66.27 points, or 3.68 percent, to trade at 1,734.28 in the first 15 minutes of trading.
The Federal Reserve's move to relocate its bond portfolio failed to assure investors and Chinese data pointing to slowing economic momentum and the eurozone debt crisis weighed on investor sentiment.
U.S. markets plunged on Thursday on recovery woes. The Dow Jones industrial average declined 3.51 percent and the tech-laden Nasdaq Composite Index fell 3.25 percent.
The local currency was trading at 1,187.75 won to the U.S. dollar as of 9:15 a.m., down 7.95 won from Thursday's close.
Before the market opened, the finance ministry and the Bank of Korea said in a joint statement that South Korea will take actions to respond to any "irregular movement" in the currency market, calling the recent currency market action "excessive."
The local currency underwent high volatility as it shot up as high as 1,150 won to the dollar as soon as the market opened.
sooyeon@yna.co.kr
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