SEOUL– Seoul shares continued to trade bearish late Friday morning amid uncertainties over the U.S. Federal Reserve’s future rate hikes.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.36 points, or 0.17 percent, to trade at 2,503.69 points as of 11:20 a.m.
Stocks got off to a lackluster start in the face of overnight gains on Wall Street. The Fed’s latest minutes hinted at a possible slowdown in inflation growth.
In July, the Fed raised its benchmark interest rate by 75 basis points for the second straight time to tame the high-flying inflation rates.
Tech and steel losses led the KOSPI’s decline.
Market bellwether Samsung Electronics Co. fell 0.81 percent, while No. 2 chipmaker SK hynix Inc. added 1.57 percent.
Internet portal operator Naver lost 0.6 percent, with its rival Kakao declining 2.9 percent.
The local currency was trading at 1,327.15 won against the U.S. dollar, down 6.45 won from the previous session’s close.
Source: Yonhap News Agency