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S. Korean shares tad lower in late morning trading

All News 11:32 October 05, 2016

SEOUL, Oct. 5 (Yonhap) -- South Korean shares traded slightly lower late Wednesday morning as rising uncertainty over the U.S. monetary policy weighed on sentiment among foreign investors.

The benchmark Korea Composite Stock Price Index (KOSPI) ticked down 0.88 point, or 0.04 percent, to 2,053.98 as of 11:20 a.m.

Local shares were weak on early trade as both foreign and institutions fretted about the prospect of a Federal Reserve interest rate hike in coming months, following hawkish comments from one of the Fed officials.

Top automaker Hyundai Motor retreated 0.36 percent and steelmaker POSCO declined 0.65 percent.

Cosmetic shares were down, with No. 1 AmorePacific shedding 1.27 percent and its smaller rival LG Household & Healthcare falling 3.29 percent.

In contrast, tech shares rose ahead of the third-quarter earnings season.

Market bellwether Samsung Electronics edged up 0.31 percent, and chip giant SK hynix rose 0.6 percent.

The local currency was changing hands at 1,114.6 won against the U.S. dollar, down 6.2 won from the previous session's close.


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