Seoul stocks trade down on U.S. inflation concerns

Seoul stocks trade down on U.S. inflation concerns

Feb 23, 2021

Seoul (South Korea), February 23: South Korean stocks traded bearish late Tuesday morning, tracking overnight losses on Wall Street that stemmed from inflation concerns.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.25 points, or 0.59 percent, to 3,061.5 points as of 11:20 a.m.
The KOSPI undid part of its earlier losses, but strong foreign selling kept the index in negative terrain.
Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated.
In Seoul, top cap Samsung Electronics retreated 0.85 percent, while No. 2 chipmaker SK hynix advanced 0.73 percent.
Top automaker Hyundai Motor moved down 0.41 percent, with giant internet portal operator Naver sliding 0.13 percent. Leading chemical firm LG Chem declined 3.38 percent.
Pharmaceutical giant Samsung Biologics dropped 2.44 percent, and Celltrion lost 1.78 percent.
The local currency was trading at 1,110.25 won against the U.S. dollar, up 0.15 won from the previous session's close.
Source: Yonhap