Seoul stocks down late Wed. morning on U.S. bond yields worries

SEOUL, Jan. 5 (Yonhap) -- South Korean stocks traded lower late Wednesday morning, as investors are worried that the rising long-term bond yields in the United States may hasten the Federal Reserve's tapering move.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.84 points, or 1.33 percent, to 2,949.4 points as of 11:20 a.m.

Tech heavyweights traded bearish, tracking overnight tech losses on Wall Street.

A continued rise in the U.S. 10-year Treasury yields pulled down the tech-laden NASDAQ by 1.33 percent, reminding investors of the U.S. Fed's imminent rate hikes.

In Seoul, top cap Samsung Electronics lost 2.03 percent, and No. 2 chipmaker SK hynix decreased 3.89 percent.

Internet portal operator Naver retreated 2.33 percent, with its rival Kakao slumping 4.48 percent. Pharmaceutical giant Samsung Biologics declined 2.59 percent.

Among gainers, leading carmaker Hyundai Motor added 1.67 percent.

The local currency was trading at 1,199.4 won against the U.S. dollar, down 5.3 won from the previous session's close.

jwc@yna.co.kr
(END)