SEOUL– Seoul stocks suffered an extended loss late Wednesday morning on mounting concerns over a global economic recession amid aggressive monetary tightening in the United States and other major nations.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 56.75 points, or 2.55 percent, to 2,167.11 as of 11:20 a.m.
The market opened lower, tracking overnight losses on Wall Street, and had extended losses further to fall below the 2,200 level.
Institutions and foreign investors went on a selling mode, effectively offsetting purchases by retail investors.
The market has been in disarray after the Federal Reserve raised its benchmark federal funds rate by 0.75 percentage point for a third consecutive time last week.
The KOSPI dived more than 3 percent on Monday before inching up 0.13 percent the following session.
In Seoul, most large-cap shares were trading lower.
Market bellwether Samsung Electronics fell 2.21 percent, and chip giant SK hynix skidded 1.10 percent.
Battery maker LG Energy Solutions sank 2.14 percent, and Samsung SDI tumbled 3.75 percent.
Major chemical firm LG Chem dived 3.87 percent, and top steelmaker POSCO went down 0.87 percent.
Carmakers also lost ground, with top automaker Hyundai Motor sinking 4.03 percent and its affiliate Kia falling 3.79 percent.
But bio shares rose. Samsung Biologics grew 0.27 percent, and Celltrion jumped 1.51 percent.
The Korean won was changing hands at 1,439.85 won against the U.S. dollar as of 11:20 a.m., sharply down 18.35 won from the previous session’s close.
Source: Yonhap News Agency