Seoul shares extend losses late Thursday morning amid inflation worries

Seoul shares continued to decline late Thursday morning, mirroring the downward trend on Wall Street, as surging oil prices heightened worries about inflation. The Korea Composite Stock Price Index (KOSPI), a key benchmark, fell 54.22 points, or 0.8 percent, to 6,749.68 by 11:20 a.m. following a brief opening gain of 0.07 percent.

The Dow Jones Industrial Average slipped 0.66 percent overnight, while the tech-focused Nasdaq Composite dropped 0.22 percent. Institutions and foreign investors collectively sold a net of 457.28 billion won ($342 million) and 666.37 billion won worth of stocks, whereas domestic investors bought stocks worth 834.66 billion won. Uncertainty loomed as higher oil prices exacerbated inflationary pressures, and the U.S. Federal Reserve hinted at potential rate hikes this year to curb inflation.

Large-cap companies in Seoul experienced mixed fortunes, with major players like Samsung Electronics falling 0.56 percent, Hyundai Motor declining 3.05 percent, Hanwha Aerospace dropping 5.86 percent, and HMM shipping firm losing 2.57 percent. Conversely, chip manufacturer SK hynix saw a gain of 1.33 percent.