Seoul stocks dip late Fri. morning on virus, U.S. inflation woes

SEOUL, Oct. 1 (Yonhap) -- South Korean stocks dipped further late Friday morning on concerns about an early inflation in the United States and the extended virus curb at home.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 44.26 points, or 1.44 percent, to 3,024.56 points as of 11:20 a.m.

The key stock index slumped, following rallies by the U.S. long-term Treasury yields, which fanned concerns the Federal Reserve might hurry to taper its stimulus to reign in the pace of inflation.

The Dow Jones Industrial Average retreated 1.59 percent, with the S&P 500 losing 1.19 percent. The tech-heavy Nasdaq composite decreased 0.44 percent.

Spiking coronavirus cases also raised worries about a slow economic recovery. The South Korean government said it will maintain tough social distancing rules for two more weeks across the nation, starting Monday.

Top cap Samsung Electronics declined 1.35 percent, and No. 2 chipmaker SK hynix declined 2.91 percent.

Internet portal operator Naver moved down 1.42 percent, and leading chemical firm LG Chem shed 0.77 percent.

Top automaker Hyundai Motor lost 3 percent, and rechargeable battery maker Samsung SDI fell 1.81 percent. Pharmaceutical giant Samsung Biologis traded flat.

The local currency was trading at 1,187.5 won against the U.S. dollar, down 3.5 won from the previous session's close.

jwc@yna.co.kr
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