Seoul shares trimmed earlier losses late Monday morning as retail buying offset a tech sell-off and worries about a possible U.S. rate hike next month. The benchmark KOSPI was down 1.96 percent at 6,655.62 as of 11:20 a.m. after opening 2.58 percent lower. Samsung Electronics and SK hynix led declines, while LG Energy Solution and SK Innovation rose.
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Monday. Yonhap
Seoul shares trimmed earlier losses late Monday morning on retail buying, as hawkish comments from Federal Reserve Chair Kevin Warsh raised concerns over a possible interest rate hike next month.
After opening 2.58 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) erased its losses, trading 133.62 points, or 1.96 percent, lower at 6,655.62 as of 11:20 a.m.
Institutions and foreign investors sold a net 633.74 billion won ($460 million) and 474.72 billion won worth of stocks, respectively, while retail investors bought a net 502.09 billion won.
