Seoul shares down late Wed. morning on tech, auto losses

SEOUL: Seoul shares lost ground late Wednesday morning as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 6.01 points, or 0.21 percent, to 2,860.08 as of 11:20 a.m. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S and P 500 and Nasdaq composite gained 0.2 percent and 0.6 percent, respectively. The Seoul stock market lost ground overall, led by tech and automotive losses. Market behemoth Samsung Electronics shed 0.34 percent, and leading automaker Hyundai Motor fell 1.82 percent. Battery shares also lost ground, with LG Energy Solution down 1.88 percent and Samsung SDI losing 0.42 percent. Top refiner SK Innovation, however, jumped 7.15 percent ahead of board meeting decisions to determine the company's merger with group affiliate SK E and S to create a mega-sized en ergy company. Shipbuilders also enjoyed brisk trading, with Samsung Heavy Industries surging 5.74 percent and HD Hyundai Heavy Industries climbing 3.7 percent. The local currency was trading at 1,381.15 won against the U.S. dollar as of 11:20 a.m., up 3.75 won from the previous session's close. Source: Yonhap News Agency