Seoul shares widen losses late Tue. morning on foreign selling

SEOUL, Oct. 12 (Yonhap) -- Seoul shares extended their losses late Tuesday morning on foreign selling amid growing inflation concerns around the world.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.89 points, or 1.42 percent, to 2,914.32 as of 11:20 a.m.

The main index retreated further despite a rate-freeze by the central bank. The Bank of Korea held its policy rate at 0.75 percent in October.

Foreigners and institutions dumped local stocks on expectations that a recent fall in the U.S. jobless data would not suffice to slow the U.S. Federal Reserve's timeline for tapering its stimulus.

Overnight, the Dow Jones Industrial Average retreated 0.7 percent to 34,496 as a global energy crunch increased concerns about inflation. The tech-heavy Nasdaq composite declined 0.6 percent to 14,486.

Most shares fell across the board.

Market bellwether Samsung Electronics Co. plunged 3.22 percent to 69,200 won, No. 2 chipmaker SK hynix Inc. declined 2.77 percent to 91.400 won, leading automaker Hyundai Motor Co. shed 0.98 percent to 203,000 won, and national flag carrier Korean Air Lines Co. was down 0.5 percent to 31,150 won.

Among gainers, giant car battery maker LG Chem Ltd. climbed 3.53 percent to 791,000 won, and refiner SK Innovation Co. moved up 1.81 percent to 252,500 won.

The local currency was trading at 1,198.25 won against the U.S. dollar, down 3.65 won from the previous session's close.

jwc@yna.co.kr
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