SEOUL– South Korean stocks deepened their losses late Wednesday morning as investors seek clues on the timeline for the interest rate hike ahead of the U.S. Federal Reserve meeting.
The benchmark Korea Composite Stock Price Index (KOSPI) retreated 35.99 points, or 1.19 percent, to 2,977.5 as of 11:20 a.m.
The Fed is set to reveal its meeting results Wednesday (New York time).
Foreign and institutional sell-offs led the KOSPI’s loss.
Market bellwether Samsung Electronics lost 1.54 percent to 70,400 won, No. 2 chipmaker SK hynix decreased 1.4 percent to 106,000 won, and internet portal operator Naver lost 1.59 percent to 403,500 won.
Leading car battery firm LG Chem dipped 5.05 percent to 789,000 won, and pharmaceutical giant Samsung Biologics moved down 1.14 percent to 864,000 won. Hyundai Motor, the country’s largest carmaker, retreated 0.71 percent at 208,500 won.
Kakao Pay, the mobile payment service arm of Kakao Corp., South Korea’s top messenger app, jumped 6.67 percent to 192,000 won on its stock market debut.
The local currency was trading at 1,180.7 won against the U.S. dollar, down 6.3 won from the previous session’s close.
Source: Yonhap News Agency