Seoul shares down late Mon. morning amid rate hike woes

SEOUL– Seoul shares extended losses late Monday morning on foreign selling amid worries over the Federal Reserve’s sharper rate hikes following a stronger-than-expected jobs report.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.12 points, or 0.21 percent, to 2,429.21 as of around 11:20 a.m.

The main index opened lower Monday following U.S. data showing companies added more jobs than expected in November, raising concerns that the Fed may continue its aggressive monetary tightening.

Foreigners offloaded 123 billion won (US$95 million) worth of stocks, offsetting institutions and individuals’ stock purchases valued at 124 billion won.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics Co. rose 0.7 percent, leading wireless services provider SK Telecom Co. climbed 1.4 percent, national flag carrier Korean Air Co. gained 1.6 percent, and leading cosmetics firm Amorepacific Corp. jumped 4.2 percent.

Among losers, top carmaker Hyundai Motor Co. fell 0.6 percent, the country’s sole aircraft manufacturer Korea Aerospace Industries Co. declined 0.6 percent, and leading car battery maker LG Energy Solution shed 3.3 percent.

The local currency was trading at 1,294.60 won against the greenback as of 11:20 a.m., up 5.30 won from Friday’s close.

Source: Yonhap News Agency

scroll to top