Seoul stocks deepen late morning losses on inflation woes

SEOUL, Jan 17 (Yonhap) – South Korean stocks extended losses late Monday morning, mainly as investors dumped local stocks on concerns about rising inflationary pressures.

The benchmark Korea Composite Stock Price Index (KOSPI) was down 34.92 points, or 1.2 percent, to 2,887 points as of 11:20 a.m

After a weak start, the leading index fell below the 2,900 point mark for the first time in around six weeks.

Concerns grew about rising inflationary pressures both domestically and in the United States.

Last week, major central banks, including the Bank of Korea and the US Federal Reserve, highlighted the possibility of aggressive monetary tightening this year.

Most large caps traded lower in Seoul led by overseas and institutional sell-offs.

Leading automaker Hyundai Motor slipped 2.63 percent, while its smaller subsidiary Kia fell 1.79 percent.

Market leader Samsung Electronics lost 0.26 percent and second-largest chipmaker SK Hynix lost 2.72 percent.

Financial heavyweight KB Financial Group fell 2.09 percent and steelmaker POSCO fell 2.34 percent.

The local currency traded at 1,193.4 won against the US dollar, down 6.1 won from the previous session’s close.

The post Seoul stocks deepen late morning losses on inflation woes appeared first on World Today News

Leave a Reply

Your email address will not be published.