Seoul stocks extend losses late Thu. morning on tech, auto losses

Seoul shares extended losses late Thursday morning on tech and auto losses, with the Federal Reserve appearing to be in no rush to cut interest rates in the face of the strong economy and high inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 23.11 points, or 0.86 percent, to 2,654.19 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 points, and the tech-heavy Nasdaq composite retreated 0.58 percent to 16,920.58. The Fed's Beige Book survey showed the U.S. economy has expanded at a modest pace since April, lowering the chances for an early rate cut. Institutions and foreigners sold a combined 480 billion won (US$349 million) worth of stocks, offsetting individuals' stock purchases valued at 498.15 billion won. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics Co. fell 0.9 percent, No. 2 chipmaker SK hynix Inc. declined 1.9 percent, top carmaker Hyundai Motor Co. dropped 1.7 percent, leading car battery maker LG Energy Solution Ltd. shed 3.7 percent, and national flag carrier Korean Air Co. was down 0.7 percent. Among gainers, leading cosmetics firm Amorepacific Corp. rose 3 percent, No. 2 wireless services provider KT Corp. climbed 0.8 percent, and Hybe, the K-pop powerhouse behind BTS, gained 1.6 percent. The local currency was trading at 1,374.65 won against the U.S. dollar, down 9.65 won from the previous session's close. Source: Yonhap News Agency