South Korean stocks traded lower late Monday morning as investors awaited remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium scheduled for later this week.

The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 8.51 points, or 0.32 percent, to 2,688.72 as of 11:20 a.m.

After the market crashed by the most on record on Aug. 5 amid intensifying fears over a recession in the world’s largest economy, Seoul shares have since gained momentum after key U.S. economic data eased such concerns.

Investors, however, once again sat on the sidelines as they awaited the Fed’s annual symposium this week, seeking more clues on the central bank’s future policy direction.

Top tech giant Samsung Electronics moved down 1.87 percent, and No. 2 chipmaker SK hynix slid 2 percent. Battery maker LG Energy Solution shed 1.49 percent.

Pharmaceutical firms, on the other hand, traded higher, with Samsung Biologics gaining 0.75 percent and SK Bioscience increasing 3.06 percent.

Carmakers trade
d mixed, with Hyundai Motors moving up 0.98 percent while its sister company Kia shed 0.57 percent. Auto parts maker Hyundai Mobis added 0.68 percent.

The local currency was trading at 1,338.6 won against the U.S. dollar, up 19 won from the previous session’s close.

Source: Yonhap News Agency