SEOUL– South Korean stocks traded 0.9 percent lower late Monday morning, led by a steep drop in steel and machinery stocks, as investors took to the sidelines ahead of the Federal Reserve’s policy meeting this week.
The benchmark Korean Composite Stock Price Index (KOSPI) had dropped 21.36 points from the previous trading day to 2,361.42 as of 11:23 a.m.
Most market heavyweights traded mixed.
Top cap Samsung Electronics inched up 0.36 percent, while battery maker LG Energy Solution dipped 4.74 percent.
Bio shares were mixed, with Samsung Biologics adding 0.1 percent and Celltrion remaining flat.
The country’s top steelmaker POSCO Holdings shed 0.65 percent.
Auto shares were in negative territory. The country’s top automaker Hyundai Motor shed 1 percent, Kia slid 0.86 percent, and car parts maker Hyundai Mobis dropped 1.43 percent.
IT shares trended lower. Portal giant Naver retreated 0.91 percent, and its rival Kakao slipped 1.79 percent.
The local currency was trading at 1,391.2 won against the U.S. dollar as of 11:23 a.m., down 3.2 won from Friday’s close.
Source: Yonhap News Agency