Seoul shares extended losses late Friday morning as disappointing U.S. economic data sparked fears of an economic slowdown despite the Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index had fallen 83.45 points, or 3 percent, to 2,694.23 as of 11:20 a.m. Institutions and foreigners sold a combined 894 billion won (US$650 million) worth of stocks, offsetting individuals' stock purchases valued at 893 billion won. Overnight, the Dow Jones Industrial Average fell 1.2 percent to 40,347.97 points, while the tech-heavy Nasdaq plunged 2.3 percent to 17,194.15. Asian stocks fell in line with Wall Street losses. Japanese stocks also tumbled on a strong yen and concerns over the U.S. economy. U.S. data showed unemployment claims hit the highest in almost a year and manufacturing shrank. The monthly employment data is set to be released Friday (U.S. time). The Fed signaled this week it is on course to cut its benchmark rates in September if conditions meet its forecast. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics fell 3.4 percent, No. 2 chipmaker SK hynix Inc. plunged 8.7 percent, top carmaker Hyundai Motor Co. shed 3.9 percent, and leading battery maker LG Energy Solution Ltd. was down 0.2 percent. Among gainers, refiner S-Oil Corp. rose 0.4 percent, Hybe, the K-pop powerhouse behind BTS, climbed 3.8 percent, another K-pop agency SM Entertainment gained 1.7 percent, and leading wireless services provider SK Telecom Co. was up 1.7 percent. The local currency was trading at 1,375.95 won against the U.S. dollar, down 9.75 won from the previous session. Source: Yonhap News Agency
Related Articles
Comptroller General’s Department explains Sukhothai disabled man
Bangkok, The Comptroller General’s Department explains how a disabled man rocked a tricycle from Sukhothai. To confirm your identity and request rights Revealed that he has now been tracked down to provide assistance.
Miss Thiwaporn Phasuk, Deputy D…
Made in Thailand, a cool Thai land: processed mats, chic items used in foreign hotels
Prachinburi Made in Thailand, the cool Thai land, will take viewers to get to know Reed mat weaving group, Ban Bang Phluang, Prachinburi Province, which brings reed mats to be processed into various uses Until it has become a demand for many famous h…
China begins to explore “Ancient shipwreck” of the Ming Dynasty in the South China Sea
HAIKOU, May 21 (Xinhua) — A press conference was held Sunday in Sanya, south China’s Hainan Province. BEIJING, May 21 (Xinhua) — China began archaeological work for two ancient shipwrecks found in the South China Sea on Saturday, opening a new chapt…