Seoul shares open 3 pct lower; techs, banks tumble

SEOUL, Oct 8 - Seoul shares opened 3 percent lower on Wednesday after Wall Street tumbled for a fifth straight session overnight on worries the credit crisis would drag the economy into recession, with higher oil adding to downward pressure.

Technology issues fell across the board on worries about consumer and business spending, sending Hynix Semiconductor <000660.KS> down 4.51 percent and Samsung Electronics <005930.KS> down 2.26 percent.

Banks also fell across the board, with Shinhan Financial Group <055550.KS> down 5.3 percent and Hana Financial Group <086790.KS> down 4.26 percent.

The Korea Composite Stock Price Index <.KS11> was down 2.87 percent at 1,326.95 points as of 0003 GMT, heading back towards two year lows hit on Tuesday.

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