Seoul shares extended losses late Friday morning as investors offloaded technology and other large-cap stocks to lock in profits. The benchmark KOSPI fell 107.49 points, or 1.7 percent, to 6,199.78 as of 11:20 a.m. This pullback followed a record high close the previous day.
Seoul shares extended losses late Friday morning as investors offloaded technology and other large-cap stocks to lock in profits. The benchmark Korea Composite Stock Price Index (KOSPI) fell 107.49 points, or 1.7 percent, to 6,199.78 as of 11:20 a.m. On Thursday, the index had jumped 3.67 percent to finish at a record high of 6,307.27, marking six straight winning sessions.
Overnight, U.S. stocks finished mixed, with the Dow Jones Industrial Average up 0.03 percent while the tech-heavy Nasdaq Composite fell 1.18 percent. Foreigners sold a net 4.11 trillion won ($2.85 billion) worth of stocks, outpacing purchases of 306.6 billion won by institutions and 3.68 trillion won by individuals.
In Seoul, tech and auto stocks led the decline. Market bellwether Samsung Electronics fell 1.61 percent, and chip giant SK hynix declined 3.55 percent. Top carmaker Hyundai Motor dropped 1.31 percent, and leading steelmaker POSCO Holdings shed 0.25 percent. Among gainers, leading shipbuilder HD Hyundai Heavy Industries rose 2.2 percent, and Korea Aerospace Industries jumped 6.53 percent.
The Korean won traded at 1,437.65 against the U.S. dollar as of 11:20 a.m., down 11.85 won from the previous session. The market opened nearly 1 percent lower at 6,250.29 shortly after 9 a.m., but deepened its pullback later in the morning amid profit-taking following the prior day's rally.
