Seoul stocks trim earlier gains Fri. morning on U.S. rate hike woes

SEOUL-- South Korean stocks trimmed earlier gains late Friday morning as investors remain concerned about the U.S.' looming tapering move.

The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 24.39 points, or 0.84 percent, to 2,944.92 points as of 11:20 a.m.

The main index was trading higher following a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the U.S. central bank may raise interest rates sooner and higher than expected.

Foreigners bought a net 296 billion won (US$246 million) worth of stocks, exceeding institutions and individuals' combined stock selling valued at 277 billion won.

Tech and auto stocks were lead gainers.

Market bellwether Samsung Electronics Co. rose 1.4 percent to 78,000 won, No. 2 chipmaker SK hynix Inc. climbed 2 percent to 27,500 won, and top carmaker Hyundai Motor Co. gained 0.2 percent to 214,500 won.

Samsung stocks got a boost from its estimated fourth-quarter operating profit of 13.8 trillion won, up 53 percent from a year earlier.

Among losers, national flag carrier Korean Air Lines Co. fell 0.4 percent to 28,350 won, Daewoo Shipbuilding & Marine Engineering Co. declined 0.2 percent to 24,850 won, and dominant tobacco company KT&G Corp. declined 0.4 percent to 78,400 won.

The local currency was trading at 1,202.15 won to the U.S. dollar, down 1.15 won from the previous session's close.

Source: Yonhap News Agency

You may also like...