Seoul: Seoul shares trimmed earlier gains late Wednesday morning as investors await key U.S. inflation data due later in the day amid diminished bets on U.S. rate cuts. The benchmark Korea Composite Stock Price Index had risen 3.23 points, or 0.13 percent, to 2,500.63 as of 11:20 a.m.
According to Yonhap News Agency, foreigners bought a net 41 billion won (US$28 million) worth of stocks, offsetting institutions and individuals' stock selling valued at 83 billion won. Investors have recently reduced bets on the U.S. Federal Reserve's rate cuts. They are now focused on the forthcoming U.S. consumer price index report, which may provide insights into the future path of the Fed's rate policy, analysts said.
In Seoul, tech and shipbuilding stocks led the gains. Market bellwether Samsung Electronics rose 0.19 percent, No. 2 chipmaker SK hynix climbed 2.3 percent, and leading shipbuilder HD Hyundai was up 1.81 percent. Hanwha Ocean, formerly Daewoo Shipbuilding and Marine Engineering, jumped 6.15 percent, and leading shipping firm HMM advanced 6.39 percent.
Among decliners, top carmaker Hyundai Motor fell 0.23 percent, leading battery maker LG Energy Solution declined 1.54 percent, and leading refiner SK Innovation was down 1.42 percent. The local currency was trading at 1,460.05 won against the U.S. dollar at 11:20 a.m., up 3.15 won from the previous session.