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Seoul Shares Down 1.17% in Late Morning Trade
Stock Market
Seoul Shares Down 1.17% in Late Morning Trade
  • By matthew
  • February 3, 2014, 06:13
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SEOUL, Feb. 3 (Yonhap) -- South Korean stocks traded 1.17 percent lower late Monday morning as emerging markets continued to lose ground following the U.S. Fed's tapering last week, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 22.77 points to 1,918.38 as of 11:15 a.m.

Market leader Samsung Electronics fell 0.55 percent, and top automaker Hyundai Motor declined 0.43 percent. SK hynix also fell 0.79 percent.

But Naver, the operator of the country's top Internet portal, rose 0.59 percent.

Shipbuilders also lost ground, with Daewoo Shipbuilding & Marine Engineering falling 4.06 percent.

The Fed announced on Wednesday (U.S. time) that it would scale back its bond purchase program, which had propelled a sharp rally in global equities last year.

The reduced U.S. stimulus forced investors to take out their money from emerging markets and sent some currencies plunging.

The local currency was trading at 1,082.15 against the U.S. dollar as of 11:15 a.m., down 11.75 won from Wednesday's close.

The South Korean financial market had been closed since Thursday for the Lunar New Year holidays.