Seoul shares extend losses late Wed. morning as tech stocks fall
Financial data is shown during morning trading hours at the dealing room of Hana Bank, Seoul , Wednesday.
Seoul shares extended losses late Wednesday morning, weighed down by declines in technology stocks despite easing concerns over high bond yields as oil prices retreated.
After opening 1.11 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 80.66 points, or 1.16 percent, to 6,860.73 as of 11:20 a.m.
Local shares bucked gains on Wall Street despite easing pressure from bond yields.
Global oil prices fell on easing supply concerns, while bond yields retreated from multidecade highs.
Overnight, the Dow Jones Industrial Average rose 0.49 percent, while the tech-heavy Nasdaq composite gained 0.45 percent to reach a record high.
Institutions and foreigners sold a net 313.14 billion won ($233 million) and 1.16 trillion won worth of stocks, respectively. Individuals bought a net 1.19 trillion won.
Tech stocks led the decline in Seoul.
Market bellwether Samsung Electronics fell 0.28 percent, and its chipmaking rival SK hynix declined 2.09 percent.
Home appliance maker LG Electronics plunged 7.74 percent, and top carmaker Hyundai Motor dropped 2.73 percent.
Among gainers, cosmetics firm Amorepacific rose 4.73 percent and leading battery maker LG Energy Solution climbed 0.38 percent.
The Korean won was trading at 1,341.35 won against the U.S. dollar as of 11:20 a.m., down 3.25 won from the previous stock trading session's close.