Seoul stocks trade bearish late Wed. morning on inflation woes

SEOUL, June 9 (Yonhap) — South Korean stocks continued to trade bearish late Wednesday morning as the central bank revised up the country’s gross domestic product, stoking market concerns of early inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.7 points, or 0.18 percent, to 3,242.13 points in the first 15 minutes of trading.

Investor appetite for risk assets decreased, following the Bank of Korea’s report that South Korea’s economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, on robust recovery of exports and facility investment.

China’s producer price index in May exceeded the consensus amid rising commodity prices, adding to the global price pressures.

In Seoul, market bellwether Samsung Electronics slipped 0.12 percent, and No. 2 chipmaker SK hynix moved down 2.35 percent.

Internet portal operator Naver traded flat, and giant pharmaceutical firm Samsung Biologics retreated 1.17 percent.

Top automaker Hyundai Motor remained unchanged, and leading chemical firm LG Chem slid 0.12 percent.

The local currency was trading at 1,115.7 won against the U.S. dollar, down 1.5 won from the previous session’s close.




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