SEOUL, Seoul stocks shed earlier gains and traded lower late Thursday morning amid fears the U.S. Federal Reserve will accelerate its pace of rate increases.
The benchmark Korea Composite Stocks Price Index (KOSPI) had inched down 5.29 points, or 0.22 percent, to 2,426.62 as of 11:20 a.m.
The KOSPI opened higher but soon fell into negative territory as foreign investors sold off equities.
Investors are trying to assess the latest comments from the Federal Reserve Chair Jerome Powell on the central bank's policy direction.
Powell on Wednesday (U.S. local time) said that no decisions have been made on the pace of the Fed's rate hikes after delivering a hawkish stance on future monetary tightening a day earlier.
Large cap shares in Seoul were trading mixed.
Market bellwether Samsung Electronics inched down 0.17 percent, and smaller rival SK hynix dipped 1.15 percent.
Among gainers, Hyundai Motor added 1.6 percent, bio firm Celltrion advanced 1.56 percent, and car parts maker Hyundai Mobis climbed 2.55 percent.
The local currency was changing hands at 1,320.9 won against the greenback as of 11:20 a.m., up 0.5 won from the previous session's close.
Source: Yonhap News Agency