Seoul shares extend losses late Thu. morning amid inflation concerns
SEOUL, Sept. 10 (Yonhap) -- Seoul shares extended their losses late Thursday mor...
SEOUL, September 10 - The benchmark Korea Composite Stock Price Index (KOSPI) continued its downward spiral late Thursday morning, falling 1.28% to 6,961.23 points after opening 0.18% lower. The decline came as surging oil prices, a result of escalating tensions in the Middle East, fueled inflation concerns ahead of key U.S. inflation data.
Institutions and foreign investors collectively sold stocks worth 1.01 trillion won and 496.38 billion won, respectively. In contrast, retail investors bought stocks worth 871.89 billion won. Meanwhile, U.S. stocks ended the preceding trading day lower, with the Dow Jones Industrial Average slipping 0.77% and the tech-heavy Nasdaq Composite declining 0.64%.
Rising oil prices have raised fears of inflation, potentially prompting the U.S. Federal Reserve to hike interest rates to rein in price gains. Tech giants Samsung Electronics and SK hynix both saw declines, while Hyundai Motor and battery maker LG Energy Solution also underperformed. Notably, LIG Defense & Aerospace and state-run Korea Gas managed to gain.
As of 11:20 a.m., the Korean won traded at 1,337.65 per U.S. dollar, up 2.95 won from the previous session's close.
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