Seoul shares sharply down late Tue. morning on U.S. losses

Seoul shares extended losses late Tuesday morning as U.S. stocks took a breather after reporting their longest weekly rally this year. The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.36 points, or 1 percent, to 2,578.56 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 42,931.60, while the tech-heavy Nasdaq Composite rose 0.3 percent to 18,540.01. Institutions and foreigners sold a combined 455 billion won (US$330 million) worth of stocks, exceeding individuals' stock purchases valued at 446 billion won. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 1.2 percent, leading battery maker LG Energy Solution Ltd. declined 2.3 percent and national flag carrier Korean Air Co. was down 1.1 percent. Among gainers, top carmaker Hyundai Motor Co. rose 0.2 percent, state utility Korea Electric Power Corp. climbed 2.8 percent and leading wireless services provider SK Telecom Co. was up 1.1 percent. The local currency was trading a t 1,377.85 won against the U.S. dollar, down 2.65 won from the previous session. Source: Yonhap News Agency