SEOUL, Seoul shares extended losses late Monday amid concerns over a possible delay in long-awaited interest rate cuts by the U.S. Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.89 points, or 0.29 percent, to 2,750.53 as of 11:20 a.m. On Friday, the Dow Jones Industrial Average fell 0.2 percent to 38,589.16 and the Nasdaq Composite rose 0.1 percent to 17,688.88. The Fed has recently pared back projections for rate cuts this year and other central banks in Britain and Europe may follow suit depending on the results of inflation readings this week. Individuals bought a net 198 billion won (US$144 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 191 billion won. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 1.3 percent, leading battery maker LG Energy Solution Ltd. declined 2.3 percent, leading steelmaker POSCO Holdings shed 2 percent, and national flag carrier Korean Air Co. was down 1.4 perc ent. Among gainers, top carmaker Hyundai Motor Co. jumped 5.2 percent, its smaller affiliate Kia Corp. climbed 4.7 percent, and state-run Korea Gas Corp. gained 2.3 percent. Shares in Hyundai and Kia jumped on news that Hyundai's wholly owned Indian unit Hyundai Motor India has applied for an initial public offering with the Securities and Exchange Board of India over the weekend. The local currency was trading at 1,378.80 won against the U.S. dollar, up 0.5 won from the previous session's close. Source: Yonhap News Agency
Menu
Menu