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Seoul shares turn lower late Wed. morning; Fed minutes in focus

All News 11:29 August 17, 2022

SEOUL, Aug. 17 (Yonhap) -- Seoul shares turned lower late Wednesday morning as investors await the latest Federal Reserve's minutes that will give them an idea of its future rate policy to combat inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.70 points, or 0.50 percent, to trade at 2,520.82 points as of 11:20 a.m.

KOSPI opened higher amid market speculation that inflation pressure is peaking, making a global recession less likely. But the main index shed earlier gains ahead of the U.S. central bank's minutes due Wednesday (U.S. time).

Foreigners turned net sellers but institutions turned net buyers. Individuals continued to offload local stocks.

Foreigners and individuals sold a combined 60 billion won (US$46 million) worth of stocks, offsetting institutions' stock purchases valued at 57 billion won.

Tech and auto stocks were lead decliners, with market bellwether Samsung Electronics Co. falling 0.5 percent, No. 2 chipmaker SK hynix Inc. declining 0.1 percent, top carmaker Hyundai Motor Co. shedding 2 percent and its affiliate Kia Corp. losing 1.7 percent.

Among gainers, national flag carrier Korean Air Lines Co. rose 0.9 percent, state-run utility Korea Electric Power Corp. climbed 0.7 percent, and leading refiner SK innovation Co. jumping 3.4 percent.

The local currency was trading at 1,310.35 won against the U.S. dollar, down 2.25 won from the previous session's close.

kyongae.choi@yna.co.kr
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