SEOUL– South Korean stocks traded 0.49 percent lower late Friday morning as investors took to the sidelines amid lingering concerns over global recession woes.
The Korea Composite Stock Price Index had shed 11.76 points to 2,397.40 as of 11:20 a.m.
The index opened slightly higher on Wall Street gains but had moved within a tight range before falling to negative territory.
Foreign investors turned to a net selling mode, while retailers picked up shares.
On Thursday, the European Central Bank (ECB) raised rates more than expected by 50 basis points. ECB President Christine Lagarde warned that inflation risks had intensified due mainly to the ongoing war surrounding Ukraine and high energy prices.
In Seoul, tech and financials lost ground.
Market bellwether Samsung Electronics fell 0.65 percent, while No. 2 chipmaker SK hynix went down 1.95 percent.
Battery giant LG Energy Solution lost 1.65 percent, and major chemical firm LG Chem tumbled 1.58 percent.
Financials also lost ground. No. 1 financial group KB Financial retreated 2.06 percent, and Shinhan Financial Group shed 1.39 percent.
But leading carmaker Hyundai Motor rose 1.59 percent, and its smaller affiliate Kia added 0.61 percent.
The local currency was trading at 1,312.15 won against the greenback as of 11:20 a.m., down 4.45 won from the previous session’s close.
Source: Yonhap News Agency
