Seoul: Seoul shares turned lower late Tuesday morning as a strong U.S. economy prompted investors to trim bets on U.S. Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index fell 1.78 points, or 0.07 percent, to 2,487.78 as of 11:20 a.m.
According to Yonhap News Agency, overnight, U.S. stocks ended mixed, with the Dow Jones Industrial Average up 0.86 percent and the tech-heavy Nasdaq down 0.38 percent. Institutions and foreigners sold a combined 304 billion won worth of stocks, exceeding individuals' stock purchases valued at 278 billion won. Analysts expected the robust U.S. labor market and persistent inflation will make it difficult for the Fed to continue with its easing cycle.
In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics fell 0.18 percent, top carmaker Hyundai Motor climbed 1.36 percent, and leading shipbuilding HD Hyundai gained 0.12 percent. Hanwha Ocean, formerly Daewoo Shipbuilding and Marine Engineering, jumped 7.3 percent, and leading battery maker LG Energy Solution was up 1.15 percent.
Among decliners, No. 2 chipmaker SK hynix fell 0.15 percent, state-run Korea Gas Corp. declined 1.11 percent, and leading cosmetics firm AmorePacific was down 1.45 percent. The local currency was trading at 1,463.95 won against the U.S. dollar at 11:20 a.m., up 6.85 won from the previous session.