Seoul shares nearly flat late Fri. morning

SEOUL-- South Korean stocks traded nearly unchanged late Friday morning amid caution over the United States' monetary policy direction to curb inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) had added 2.71 points, or 0.11 percent, to 2,441.80 as of 11:20 a.m.

The index opened higher, tracking overnight gains on Wall Street, but the upward momentum had weakened amid heavy selling by institutions.

Tech shares gathered ground, offsetting losses of bio and auto shares.

Market bellwether Samsung Electronics added 0.48 percent, and chip giant SK hynix rose 0.32 percent.

Leading battery maker LG Energy Solution surged 1.97 percent, and Samsung SDI grew 0.59 percent. LG Chem jumped 1.2 percent.

But carmakers lost ground, with top automaker Hyundai Motor decreasing 0.57 percent and its affiliate Kia sinking 1.18 percent.

Major bio shares also fell. Samsung Biologics lost 0.13 percent, and Celltrion dropped 0.54 percent.

Internet giant Naver retreated 1.17 percent, and Kakao, the operator of the popular mobile messenger Kakao Talk, slid 0.48 percent.

Top steelmaker POSCO Holdings tumbled 1.66 percent.

The local currency was changing hands at 1,300.25 won against the greenback as of 11:20 a.m., down 3.15 won from the previous session's close.

Source: Yonhap News Agency

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