Seoul stocks down late Mon. morning on inflation concerns
May 24, 2021
Seoul (South Korea), May 24: South Korean stocks extended their earlier losses late Monday morning, weighed down by concerns of early post-pandemic inflation.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.23 points, or 0.55 percent, to 3,139.19 points as of 11:20 a.m.
The KOSPI got off to a weak start as accelerating inflation may sap demand for risky assets.
Tech and bio shares retreated in Seoul, while bank and communications advanced.
Top cap Samsung Electronics declined 0.62 percent, and No. 2 chipmaker SK hynix lost 2.45 percent.
Internet portal operator Naver shed 1.67 percent, and pharmaceutical giant Celltrion slumped 2.23 percent.
Leading chemical firm LG Chem decreased 0.45 percent, but top automaker Hyundai Motor advanced 0.88 percent.
The local currency was trading at 1,128.45 won against the U.S. dollar, down 1.45 won from the previous session's close.
Source: Yonhap
