Seoul shares trim earlier losses late Mon. morning

General

Seoul shares trimmed earlier losses late Monday morning amid expectations that the Federal Reserve may slow down its monetary tightening after key inflation data showed signs of easing.

The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.16 percent lower, bucking gains on Wall Street, but narrowed losses to fall 1.01 points, or 0.04 percent, to 2,475.85 as of 11:20 a.m.

On Friday (U.S. time), the Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite jumped 1.7 percent

The personal consumption expenditure (PCE) price index, an inflation gauge closely watched by the U.S. central bank, rose at a slower-than-expected rate of 0.3 percent in February.

Institutions and foreigners sold a combined 275 billion won (US$208 million) worth of stocks, offsetting individuals’ stock purchases valued at 272 billion won.

In Seoul, tech and auto stocks were main decliners.

Market bellwether Samsung Electronics Co. fell 1.4 percent, No. 2 chipmaker SK hynix Inc. declined 2 percent, and top carmaker Hyundai Motor Co. shed 0.4 percent.

Among gainers, leading battery maker LG Energy Solution rose 0.5 percent, No. 1 refiner SK Innovation Co. climbed 1.3 percent, and state utility Korea Gas Corp. gained 0.4 percent.

The local currency was trading at 1,319.10 won against the greenback, down 17.2 won from the previous session’s close.

Source: Yonhap News Agency