SEOUL: South Korean stocks traded 0.9 percent lower late Friday morning as investors trimmed their holdings, dismayed by overnight setbacks on Wall Street, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.95 points to 1,975.41 as of 11:20 a.m.
The index opened lower and the downward move accelerated, driven by institutions and foreigners who increased their selloffs that caused major issues to lose ground.
On Thursday, the Dow Jones industrial average fell 1.44 percent, the sharpest drop in more than a month.
The downswing was affected partly by Fed officials’ remarks during a conference that were interpreted as suggesting that a rate hike could come soon.
The local currency was changing hands at 1,161.05, down 2.85 won against the greenback from Thursday’s close as of 11:20 a.m.
