Seoul stocks down late Mon. morning amid Ukraine woes, hawkish Fed

SEOUL, March 28 (Yonhap) -- South Korean stocks traded bearish late Monday morning, as investors remained cautious about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the U.S. Federal Reserve.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped 3.35 points, or 0.12 percent, to trade at 2,726.63 points as of 11:20 a.m.

Stocks came off to a lackluster start as the Ukraine-Russian tensions continue to stoke concerns about high commodity prices and inflation growth.

Investors are also bracing for the Fed's aggressive policy tightening, with multiple key officials slated to speak later this week.

Investors are expecting that the Fed may mark up its policy rates sharply during the rest of 2022 to vent the high-flying inflation pressure.

Most large caps traded lower in Seoul, with market bellwether Samsung Electronics sliding 0.14 percent and LG Chem retreating 1.9 percent.

Internet portal operator Naver shed 0.75 percent, and leading carmaker Hyundai Motor declined 0.29 percent.

Among gainers, No. 2 chipmaker SK hynix added 0.42 percent and battery behemoth LG Energy Solution advanced 0.23 percent.

The local currency was trading at 1,225.9 won against the U.S. dollar, down 7.1 won from the previous session's close.

jwc@yna.co.kr
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