SEOUL– South Korean turned to losses late Thursday morning as the central bank delivered its first pandemic-era rate hike.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.43 points, or 0.3 percent, to trade at 3,137.38 points as of 11:20 a.m.
After a three-day winning streak, the KOSPI got off to a solid start as investors expect the Fed not to hurry its timeline to roll back its stimulus amid surging new coronavirus cases.
Fed Chairman Jerome Powell is scheduled to deliver his remarks virtually Friday (U.S. time) at the Fed’s annual Jackson Hole gathering.
The Bank of Korea (BOK) delivered its first pandemic-era rate hike Thursday to control inflation and household debt, ending 15 months of record-low interest rates, citing signs of improving economic recovery.
In Seoul, market bellwether Samsung Electronics retreated 0.66 percent, while No. 2 chipmaker SK hynix increased 1.45 percent.
Internet portal operator Naver declined 1.86 percent, and giant pharmaceutical firm Samsung Biologics lost 1.35 percent.
Top automaker Hyundai Motor gained 0.72 percent, but leading chemical firm LG Chem shed 0.75 percent. Top bank stock Kakao Bank gained 1.95 percent.
The local currency was trading at 1,167.6 won against the U.S. dollar, up 0.5 percent from the previous session’s close.
Source: Yonhap News Agency