South Korean stocks turned lower late Monday morning after starting marginally higher as Samsung Electronics and major bio and IT stocks lost ground. The benchmark Korea Composite Stock Price Index (KOSPI) had dropped 3 points, or 0.11 percent, to 2,724.63 as of 11:20 a.m. Last week, the Dow Jones Industrial Average gained ground for the fourth consecutive week, and the S andP 500 and the tech-heavy Nasdaq posted increases for the third straight week. But on Friday, Wall Street closed mixed as investors faced different signals for the Federal Reserve's policy direction amid sticky inflation data and hawkish comments by Fed officials. In Seoul, market bellwether Samsung Electronics Co. slid 1.77 percent, while No. 2 chipmaker SK hynix Inc. climbed 1.22 percent. Bio giant Samsung Biologics shed 0.77 percent, and Celltrion retreated 1.24 percent. Internet portal operator Naver plunged 2.12 percent amid a row over the popular messenger application Line, and Kakao fell 1.26 percent. But auto and financial shares traded in positive territory. Top carmaker Hyundai Motor Co. added 1.04 percent, and its smaller affiliate Kia was flat. KB Financial Group soared 4.16 percent, Hana Financial Group jumped 3.22 percent, and Shinhan Financial Group went up 1.88 percent. The local currency was trading at 1,370.20 won against the U.S. dollar at 11:20 a.m., down 2.1 won from the previous session's close. Source: Yonhap News Agency
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