Seoul stocks slightly lower late Tuesday morning on inflation woes
The benchmark KOSPI is diplayed at a dealing room of Hana Bank in Seoul, Tuesday. Yonhap
Korean stocks traded slightly lower late Tuesday morning as rising oil prices fueled inflation concerns and lifted U.S. Treasury yields amid Middle East tensions.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.76 points, or 0.19 percent, to 6,876.98 as of 11:20 a.m.
Overnight, U.S. stocks retreated as renewed tensions between Washington and Tehran drove crude oil prices higher, fueling concerns that higher energy costs could keep inflation and interest rates high.
Treasury yields extended their climb, with the benchmark 10-year yield rising to 5.23 percent and the 30-year yield climbing to 5.55 percent, hovering around multiyear highs.
The S&P 500 fell 0.77 percent, the Dow Jones Industrial Average slipped 0.67 percent, and the tech-heavy Nasdaq composite decreased 0.92 percent.
Market heavyweights were mixed.
Chipmakers gained ground, recouping some of the sharp losses from the previous session.
Market bellwether Samsung Electronics gained 1.48 percent, and chip giant SK hynix edged up 0.4 percent.
In contrast, leading automaker Hyundai Motor fell 2.12 percent, while battery maker LG Energy Solution declined 3.43 percent.
The Korean won was trading at 1,359.6 won against the U.S. dollar as of 11:20 a.m., up 0.3 won from the previous stock trading session's close.