stocks-morning
Seoul stocks down late Wed. morning amid inflation woes
SEOUL, Nov. 17 (Yonhap) -- South Korean stocks extended their losses late Wednesday morning, as strong U.S. economic data raised concerns about an early rate hike by the U.S. Federal Reserve amid rising inflation.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.4 points, or 0.85 percent, to 2,971.81 points as of 11:20 a.m.
Stocks deepened losses after a lackluster start, led by losses in tech and auto stocks.
U.S. retail sales in October logged the biggest gain since March, driving up the U.S. Treasury yields and strengthening the dollar against other currencies.
In Seoul, market bellwether Samsung Electronics edged down 0.14 percent, No. 2 chipmaker SK hynix lost 1.34 percent, and pharmaceutical giant Samsung Biologics retreated 2.87 percent.
Hyundai Motor, the country's largest carmaker, moved down 0.48 percent, with its smaller affiliate Kia declining 0.59 percent.
Among gainers, gaming heavyweight Krafton jumped 5.12 percent.
The local currency was trading at 1,182.85 won against the U.S. dollar, down 2.95 won from the previous session's close.
(END)
(C) Yonhap News Agency. All Rights Reserved
