Seoul shares end lower on inflation fears

SEOUL, September 10 (Yonhap) -- The Korean stock market saw a decline on Thursday as rising oil costs, a result of escalating Middle East tensions, heightened fears of inflation before the release of crucial U.S. inflation data. The Korea Composite Stock Price Index (KOSPI) ended the day 17.72 points, or 0.25 percent, lower at 7,033.92, with the number of shares traded at 418.4 million, valued at 28.19 trillion won.

Losses outpaced gains 443 to 416. Foreign investors sold a net 2.49 trillion won worth of stocks, while domestic buyers purchased a net 461.46 billion won and 362.18 billion won, respectively. Overnight, U.S. stocks fell as tensions in the Middle East continued and oil prices climbed. The Dow Jones Industrial Average slipped 0.77 percent, and the tech-focused Nasdaq Composite dropped 0.64 percent.

In response to the rising oil prices, worries about inflation and the potential for the U.S. Federal Reserve to increase interest rates to curb price escalation mounted. Investors are now anticipating the release of the U.S. consumer price index (CPI) data on Friday, which could provide insight into the Fed's future interest rate decisions.

Notable decliners in the market included Samsung Electronics, which fell 0.19 percent to 269,000 won, and SK hynix, down 0.16 percent to 1.85 million won. LG Energy Solution slipped 1.62 percent to 385,000 won, and refiner SK Innovation fell 0.26 percent to 561,000 won. Among the few gainers, Hyundai Motor rose 0.26 percent to 389,000 won, and defense company Hanwha Aerospace increased 1.91 percent to 1.07 million won.

As of 3:30 p.m., the Korean won was trading at 1,339.2 won per U.S. dollar, a 3.1 won decrease from the previous trading day's close.