SEOUL– Seoul shares traded bearish late Thursday morning, largely as investors took to the sidelines ahead of the release of U.S. inflation data later this week and amid woes over an economic slowdown.
The Korea Composite Stock Price Index (KOSPI) fell 15.99 points, or 0.61 percent, to 2,610.16 points as of 11:22 a.m.
Stocks came off to a weak start, taking a cue from overnight Wall Street losses.
The tech-heavy Nasdaq composite retreated 0.73 percent and the Dow Jones Industrial Average declined 0.81 percent amid concerns that the Federal Reserve may push for more aggressive monetary policies if the May consumer price index, to be released Friday (U.S. time), remains high.
Also adding to investors concerns is the growing possibility of stagflation as growth outlook for major economies is being slashed.
In Seoul, market bellwether Samsung Electronics lost 0.92 percent, and giant battery maker LG Energy Solution shed 0.47 percent.
Leading automaker Hyundai Motor dropped 0.82 percent, while No. 2 chipmaker SK hynix added 0.47 percent. Bio heavyweight Samsung Biologics retreated 2.42 percent.
The local currency changed hands at 1,260.35 won against the U.S. dollar as of 11:20 a.m., down 6.55 won from the previous session’s close.
Source: Yonhap News Agency