Seoul shares slightly down after BOK holds key rate steady

South Korean stocks traded slightly lower late Thursday morning after the Bank of Korea (BOK) held the key rate steady in line with expectations, with investors also waiting for more clues on the direction of U.S. rate cuts this week. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.55 points, or 0.21 percent, to 2,695.58 as of 11:20 a.m. In a widely expected decision, the BOK froze its key rate for the 13th straight session as household debts continue to increase and inflation keeps slowing down. Investors also waited for Federal Reserve Chair Jerome Powell's remarks on the direction of U.S. rate cuts set to be delivered this week. In Seoul, tech behemoth Samsung Electronics declined 0.51 percent, and major chipmaker SK hynix fell 1.66 percent. Top carmaker Hyundai Motor lost 1.78 percent, and its sister Kia shed 0.68 percent. Auto parts maker Hyundai Mobis added 0.23 percent. Chemical shares traded higher, with LG Chem moving up 4.7 percent and leading oil refiner SK Innovation gaining 2.79 percent. The local currency was trading at 1,337.7 won against the U.S. dollar, down 1.1 won from the previous session's close. Source: Yonhap News Agency