Seoul shares trim earlier gains amid recession woes

SEOUL, Sept. 8 (Yonhap) -- Seoul stocks trimmed earlier gains late Thursday morning on continued foreign selling amid concerns over the Federal Reserve's aggressive rate hikes to tackle inflation and a possible global recession.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.35 percent, or 8.22 points, to 2,384.68 as of 11:20 a.m.

Institutions and individuals bought a combined 276 billion won (US$199 million) worth of stocks, offsetting foreign selling valued at 269 billion won.

Large-cap stocks were mixed across the board.

Airline, steel and chemical stocks advanced. National flag carrier Korean Air Lines Co. rose 0.2 percent, No. 2 steelmaker Hyundai Steel Co. climbed 2.2 percent, and leading chemical firm LG Chem Ltd. gained 2.6 percent.

Among decliners, No. 2 chipmaker SK hynix Inc. declined 0.3 percent, leading wireless services provider SK Telecom Co. dropped 0.2 percent, and top carmaker Hyundai Motor Co. lost 0.5 percent.

The local currency was trading at 1,381.65 won against the U.S. dollar, up 2.55 won from the previous session's close.

kyongae.choi@yna.co.kr
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