S. Korean stocks extend losses late Thursday morning

SEOUL, Aug. 22 (Yonhap) -- South Korean stocks extended their losses late Thursday morning after opening a tad lower on the prospect of a U.S. rate freeze.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped 6.67 points, or 0.34 percent, to 1,957.98 as of 11:20 a.m.

The drop comes after the U.S. Federal Reserve released the minutes from its latest Federal Open Market Committee (FOMC) meeting held last month that many analysts said appeared to suggest a "less dovish than expected" stance on future rate cuts.

The analysts, however, have said there may have been a change in its stance since the FOMC meeting, partly citing the continued escalation of the U.S.-China trade dispute.

The Dow Jones industrial average added 0.93 percent Wednesday (New York time) to close at 26,202.73.

In Seoul, most large caps were in negative terrain, with market kingpin Samsung Electronics shedding 1.01 percent.

Top automaker Hyundai Motor lost 0.40 percent, with its smaller affiliate Kia Motors falling 0.94 percent.

The local currency was trading at 1,202.70 won against the U.S. dollar, down 0.20 won from the previous session's close.

bdk@yna.co.kr
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