SEOUL– South Korean stocks trimmed part of earlier gains late Friday morning as investors digest the impact of the Fed’s faster-than-expected timeline for tapering.
The benchmark Korea Composite Stock Price Index (KOSPI) increased 4.71 points, or 0.14 percent, to 3,269.67 as of 11:20 a.m.
Stocks opened with mild gains after the key stock index snapped its five-session winning streak the previous session.
On Wednesday (U.S. time), the U.S. Federal Reserve said its officials are already discussing policy rate hikes, adding that two rounds of a rate increase are expected by 2023.
Overnight, the tech-heavy Nasdaq Composite fell 0.71 percent, while the Dow Jones Industrial Average moved down 0.27 percent.
In Seoul, market kingpin Samsung Electronics lost 0.37 percent, and No. 2 chipmaker SK hynix declined 0.79 percent. Battery maker Samsung SDI jumped 3.69 percent.
Internet portal operator Naver moved up 2.57 percent, with its rival Kakao surging 5.07 percent. Giant pharmaceutical firm Samsung Biologics advanced 0.36 percent.
Top automaker Hyundai Motor added 0.42 percent, and leading chemical firm LG Chem retreated 1.2 percent.
The local currency was trading at 1,132.25 won against the U.S. dollar, down 1.85 won from the previous session’s close.
Source: Yonhap News Agency