Seoul shares extended losses late Wednesday morning as investors await the Federal Reserve’s latest minutes for clues on the U.S. central bank’s future rate plans.
The benchmark Korea Composite Stock Price Index had fallen 47.04 points, or 1.76 percent, to 2,622.77 as of 11:20 a.m.
Overnight, the Dow Jones Industrial Average inched up 0.07 percent to 37,715.04, but the tech-heavy Nasdaq fell 1.6 percent to 14,765.94.
The Fed minutes are set to be released Wednesday (U.S. time), with investors expecting the U.S. bank to cut interest rates this year.
Foreigners and institutions sold a combined 709 billion won (US$540 million), offsetting individuals’ stock purchases valued at 708 billion won.
In Seoul, most of the large-cap stocks retreated.
Market bellwether Samsung Electronics Co. fell 2.1 percent, No. 2 chipmaker SK hynix Inc. declined 2.9 percent, top carmaker Hyundai Motor Co. dropped 2.3 percent, national flag carrier Korean Air Co. shed 3.1 percent, and leading battery maker LG Energy Solution Ltd
. was down 2.4 percent.
Among gainers, Korea Aerospace Industries Co., the country’s sole aircraft manufacturer, jumped 5.5 percent, state utility Korea Electric Power Corp. climbed 2.4 percent, and Asiana Airlines Inc. was up 1.2 percent.
The local currency was trading at 1,311.55 won against the U.S. dollar, down 11.15 won from the previous session’s close.
Source: Yonhap News Agency
