Seoul shares down late Wed. morning amid geopolitical uncertainties

Seoul shares continued to trade lower late Wednesday morning amid growing concerns over a possible all-out war between Israel and Iran. The benchmark Korea Composite Stock Price Index dropped 0.49 percent, or 12.7 points, to 2,580.57 as of 11:20 a.m. Iran fired a barrage of around 180 ballistic missiles at Israel on Tuesday (local time), in what Tehran said was retaliation for the recent killings of top Hezbollah and Hamas officials. Investors also sat on the sidelines after Federal Reserve Chair Jerome Powell hinted the Federal Open Market Committee is not in a hurry to slash rates. In Seoul, Hyundai Motor lost 2.46 percent and its sister Kia shed 0.4 percent. Auto parts maker Hyundai Mobis decreased 1.15 percent. Samsung Biologics, a leading pharmaceutical firm, slipped 0.1 percent and Celltron moved down 1.28 percent. Top tech giant Samsung Electronics moved up 0.16 percent and No. 2 chipmaker SK hynix lost 0.46 percent. The local currency was trading at 1,319.9 won against the U.S. dollar, down 12 .1 won from the previous session. Source: Yonhap News Agency