Seoul: South Korean shares traded slightly lower late Friday morning, trimming earlier gains as investors sought to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.98 points, or 0.50 percent, to 2,596.32 as of 11:20 a.m., reflecting a cautious approach by the market participants despite positive cues from international markets.
According to Yonhap News Agency, the KOSPI had opened in positive terrain following overnight gains on Wall Street, where the Dow Jones Industrial Average climbed 0.37 percent to close at 43,239.05, marking a new high for a second consecutive session. The upbeat sentiment in the U.S. was fueled by reports of better-than-anticipated consumer spending. The U.S. Department of Commerce reported that the value of retail sales increased 0.4 percent from a month earlier in September, surpassing market expectations of a 0.3 percent increase.
In Seoul, foreign investors were net sellers, offloading over 260 billion won (US$189.5 million) worth of local sh
ares as of 11:20 a.m. This marked their second consecutive session of net selling since Wednesday. Large caps in the Korean market traded mixed, with significant movements observed among leading companies. Market bellwether Samsung Electronics saw its shares drop by 0.50 percent, while the world’s No. 2 chipmaker SK hynix plunged 3.83 percent.
Other major companies also experienced declines, with leading battery maker LG Energy Solution tumbling 2.27 percent and its local rival Samsung SDI down by 0.75 percent. However, there were some positive performances in the market as well. KB Financial gained 0.85 percent, and top portal operator Naver added 0.80 percent. Top automaker Hyundai Motor and its smaller affiliate Kia rose 0.21 percent and 0.11 percent, respectively.
The local currency, the won, was also affected, trading at 1,372.00 won against the U.S. dollar, down 3.40 won from the previous session.