SEOUL– South Korean stocks erased part of their earlier gains late Wednesday morning, with investors weighing the potential rate hikes by the U.S. Federal Reserve.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 7.98 points, or 0.33 percent, to trade at 2,442.95 points as of 11:20 a.m.
Stocks have slumped in the wake of the Fed chairman’s reaffirmation in Jackson Hole that the U.S. central bank would continue its fight against four-decade high inflation.
Overnight, the Dow Jones Industrial Average fell 0.96 percent, and the tech-heavy Nasdaq dived 1.12 percent.
Most large caps traded sluggish in Seoul, led by losses in the big tech and bio sectors.
Market bellwether Samsung Electronics edged up 0.17 percent, while leading car battery maker LG Energy Solution shed 1.29 percent.
Leading carmaker Hyundai Motor declined 0.26 percent, and internet portal giant Naver fell 1.26 percent.
Top chemical firm LG Chem climbed 0.49 percent, with bio heavyweight Celltrion trading flat.
The local currency was trading at 1,348.25 won against the U.S. dollar, down 1.55 won from the previous session’s close.
Source: Yonhap News Agency