Seoul shares extend losses late Wed. morning as tech stocks fall

SEOUL, Oct. 7 (Yonhap) -- Technology stocks dragged Seoul shares lower late Wednesday morning, as bond yields eased and oil prices fell. Despite the benchmark KOSPI opening 1.11 percent lower, the index declined 1.16 percent to 6,860.73 by 11:20 a.m. Local shares outperformed Wall Street's gains, amid the easing pressure on bond yields.

Global oil prices dropped following reduced supply concerns, while bond yields retreated from multi-decade highs. The Dow Jones Industrial Average increased 0.49 percent overnight, with the tech-heavy Nasdaq composite surging 0.45 percent to a record high. Institutions and foreigners collectively sold a net 313.14 billion won (US$233 million) worth of stocks, while individuals bought 1.19 trillion won of shares.

Samsung Electronics and SK hynix, chipmakers, both experienced declines of 0.28 percent and 2.09 percent, respectively. LG Electronics saw a significant drop of 7.74 percent, and Hyundai Motor fell 2.73 percent. Noteworthy gainers included cosmetics firm Amorepacific, which rose 4.73 percent, and battery manufacturer LG Energy Solution, which climbed 0.38 percent.

The Korean won was trading at 1,341.35 won against the U.S. dollar, down 3.25 won from the previous session's close.