Seoul shares extend losses late Fri. morning on profit taking

Seoul shares traded sharply lower late Friday morning as investors cashed in profits from recent rallies in sync with the U.S. market amid signs of cooling U.S. inflation. The benchmark Korea Composite Stock Price Index had fallen 36.47 points, or 1.26 percent, to 2,854.88 as of 11:20 a.m. In Seoul, top tech giant Samsung Electronics fell 2.97 percent, and No. 2 chipmaker SK hynix slid 3.32 percent. LG Energy Solution also lost 0.8 percent. Logistics firms traded bearish, with HMM falling 2.06 percent and Hyundai Glovis losing 2.3 percent. Korean Air Lines decreased 1.35 percent. Carmakers traded weaker as well, with Hyundai Motors losing 2.51 percent and its sister Kia moving down 1.8 percent. Auto parts maker Hyundai Mobis shed 1.49 percent. The local currency was trading at 1,376.6 won against the U.S. dollar at 11:20 a.m., up 2.2 won from the previous session's close. Source: Yonhap News Agency