Seoul: Seoul shares turned lower late Monday morning as investors awaited key U.S. inflation data this week for clues on the future path of the Federal Reserve’s interest rate policy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.51 point, or 0.02 percent, to 3,209.50 as of 11:20 a.m.
According to Yonhap News Agency, on Friday (U.S. time), the Dow Jones Industrial Average rose 0.47 percent to 44,175.61, while the tech-heavy Nasdaq Composite advanced 0.98 percent to 21,450.02. Investors were also watching whether the August 12 deadline for talks on U.S. duties on Chinese imports would be extended. U.S. President Donald Trump has threatened to impose higher tariffs, citing China’s purchase of Russian oil.
Institutions and individuals sold a net 41.29 billion won (US$29.8 million) and 106.15 billion won worth of stocks, respectively, while foreigners bought a net 93.76 billion won of stocks. In Seoul, large-cap stocks were mixed.
Market bellwether Samsung Electronics fell 0.97 percent and leading shipbuilder HD Hyundai lost 0.59 percent. Top carmaker Hyundai Motor slipped 0.24 percent and state-run utility Korea Electric Power Corp. declined 0.38 percent. Among gainers, chip giant SK hynix rose 3.51 percent and leading steelmaker POSCO Holdings jumped 4.06 percent. Leading battery maker LG Energy Solution gained 1.59 percent and No. 2 battery firm Samsung SDI surged 4.82 percent.
The local currency was trading at 1,386.75 won against the U.S. dollar at 11:20 a.m., up 2.85 won from the previous session.