Seoul: South Korean stocks traded nearly flat late Wednesday morning as growth woes weighed heavily on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) had lost 0.69 point, or 0.03 percent, to 2,629.60 as of 11:20 a.m.
According to Yonhap News Agency, in the United States, weaker-than-expected consumer confidence dampened investor sentiment, pushing down major indexes. On Tuesday, the Bank of Korea slashed the benchmark rate by 0.25 percentage point to 2.75 percent and lowered its outlook for the country's economic growth this year to 1.5 percent.
In Seoul, major stocks dragged down the index. Market bellwether Samsung Electronics sank 1.22 percent, and Hyundai Mobis, an auto parts unit under Hyundai Motor Group, dropped 0.39 percent. Leading battery maker LG Energy Solution fell 0.4 percent, and top biotech company Samsung Biologics declined 1.87 percent.
However, chip giant SK hynix rose 1.5 percent, and top carmaker Hyundai Motor gained 0.74 percent. The local currency was trading at 1,431.65 won against the U.S. dollar at 11:20 a.m., down 1.25 won from the previous session.