Seoul shares extend losses, led by SK hynix

Seoul shares extended losses late Thursday morning on foreign selling, with SK hynix Inc. dropping after Morgan Stanley downgraded its rating on the chipmaker. The benchmark Korea Composite Stock Price Index had fallen 0.54 percent, or 13.86 points, to 2,561.55 as of 11:20 a.m. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent as it sees inflation levels are easing from the levels seen two years ago. It was the U.S. central bank's first rate cut in more than four years. Foreigners sold a net 923 billion won (US$692 million) worth of stocks, exceeding institutions and individuals' stock purchases valued at 899 billion won. In Seoul, tech stocks led declines. Market bellwether Samsung Electronics Co. fell 3 percent, No. 2 chipmaker SK hynix retreated 9 percent, state utility Korea Electric Power Corp. shed 1.1 percent, and Hyundai Steel Co. was down 2.5 percent. Among gainers, top carmaker Hyundai Motor Co. rose 3 percent, leading refiner SK Innovation Co. climbed 0.1 percen t, state-run Korea Gas Corp. gained 1.1 percent, and leading shipping firm HMM was up 0.9 percent. The local currency was trading at 1,333.50 won against the U.S. dollar, down 4 won from the previous session. Source: Yonhap News Agency