SEOUL– South Korean stocks extended losses late Monday morning weighed down by concerns over the possibility of the U.S. Federal Reserve’s faster-than-expected tapering and rate hikes.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 34.43 points, or 1.17 percent, to 2,920.46 points as of 11:20 a.m.
The decline came amid expectations the Fed has signaled it will complete its tapering and begin rate hikes as early as March in recently unveiled minutes on its December meeting.
On Friday (U.S. time), the tech-heavy Nasdaq Composite lost 0.96 percent and the Dow Jones Industrial Average slipped 0.01 percent amid rate hike concerns.
Most large caps traded lower in Seoul.
Market kingpin Samsung Electronics decreased 0.64 percent, and No. 2 chipmaker SK hynix shed 3.15 percent.
Internet portal giant Naver retreated 1.78 percent, with its rival Kakao slumping 4.6 percent.
Pharmaceutical giant Samsung Biologics slipped 0.12 percent, and leading carmaker Hyundai Motor declined 1.86 percent.
The local currency was trading at 1,199.65 won to the U.S. dollar, up 1.85 won from the previous session’s close.
Source: Yonhap News Agency