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Seoul shares pare losses late morning as techs rebound

Stocks 11:32 May 12, 2022

SEOUL, May 12 (Yonhap) -- Seoul shares pared losses late Thursday morning as tech issues rebounded from weak starts caused by renewed worries over the U.S. Federal Reserve's tougher monetary tightening.

The Korea Composite Stock Price Index (KOSPI) had fallen 2.82 points, or 0.11 percent, to 2,589.45 as of 11:10 a.m.

The main index had lost ground for seven straight sessions until Wednesday, as investors worried the Fed will deliver a series of big-step rate hikes in the months to come to tame high-flying inflation.

Overnight, the Dow Jones Industrial Average fell 1 percent, while the tech-heavy Nasdaq Composite Index tumbled 3.2 percent.

Foreigners and individuals bought a combined 118.4 billion won (US$92 million) worth of stocks, offsetting institutions' selling valued at 122.1 billion won.

Some large-cap stocks rebounded, with No. 2 chipmaker SK hynix Inc. rising 0.5 percent, LG Display Co. climbing 1.5 percent and Samsung Biologics Co. gaining 0.4 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 0.8 percent. National flag carrier Korean Air Lines Co. also declined 1.4 percent.

The local currency had been trading at 1,284.15 won against the dollar as of 11:10 a.m., down 8.85 won from the previous session's close.

kyongae.choi@yna.co.kr
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