KOSPI in Seoul falls 4.03% in morning trading — Korea Herald

In Seoul, South Korea, the benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03% in Tuesday morning trading, to 6,126.65 points. After opening 3.1% lower, the index had deepened its decline by 257.59 points as of 09:15 local time.

Technology companies led the decline

As Korea Herald reports, investor sentiment in Seoul worsened after losses in U.S. technology stocks and ahead of the release of earnings reports from major companies and U.S. inflation data. At the close of the previous session in the United States, the Dow Jones Industrial Average rose 0.38%, while the technology-heavy Nasdaq Composite fell 0.44%.

Among technology companies, Samsung Electronics shares declined by 4.79%, while those of chipmaker SK hynix fell by 5.61%. Shares in defense company Hanwha Aerospace dropped 3.71%, and those of automaker Hyundai Motor fell 5%.

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Expectations for U.S. data

Investors are awaiting the U.S. consumer price index report, which is due to be released on Wednesday U.S. time. The data may provide additional signals regarding the Federal Reserve's further policy ahead of its October interest-rate meeting.

Meanwhile, shares of entertainment companies rose: Hybe, the agency of BTS, gained 1.47%, while SM Entertainment added 1.8%. The South Korean won stood at 1,335.70 won per U.S. dollar, up 0.1 won from the previous trading session's closing level.