Seoul stocks trim early gains late Thurs. morning
SEOUL, Aug. 27 (Yonhap) -- Seoul stocks trimmed their earlier gains late Thursda...
SEOUL, Aug. 27 (Yonhap) -- Early gains in Seoul stocks waned late Thursday morning following the Bank of Korea's decision to raise interest rates for a second time in a row. The benchmark Korea Composite Stock Price Index (KOSPI) started the day 2.76 percent higher before closing 1.93 percent up, at 6,939.91 by 11:20 a.m. local time.
The Bank of Korea boosted its key base rate by 0.25 percentage points to 3 percent, marking the first instance of two consecutive rate hikes since January 2023. Semiconductor stocks, buoyed by Nvidia's recent earnings, led the market higher. Samsung Electronics and SK hynix both saw gains of 2.29 percent and 3.44 percent, respectively.
Hyundai Motor declined 1.72 percent, while LG Energy Solution rose 4.84 percent. Defense firm Hanwha Aerospace increased 2.76 percent. The Korean won strengthened against the U.S. dollar, trading at 1,379.2 won by 11:20 a.m., up 7.1 won from the previous trading session.
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