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Seoul shares down late Thursday morning on profit taking

Published: 19 Jun. 2025, 13:02

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on June 19. [YONHAP]

Shares traded lower late Thursday morning as foreign and institutional investors unloaded stocks on Seoul shares' recent rally. The local currency was trading sharply lower against the U.S. dollar.

The Kospi had fallen 13.84 points, or 0.47 percent, to 2,958.35 as of 11:20 a.m.

Foreign investors and institutions sold local shares worth 217.9 billion won ($157.4 million) and 194.9 billion won to take profit after the Kospi's recent rally to a three-year high.

Overnight, Wall Street closed mixed after the Fed decided to hold its benchmark interest rate steady at the 4.25 to 4.50 percent range.

The Dow Jones Industrial Average went down 0.1 percent and the S&P 500 fell 0.03 percent, while the tech-heavy Nasdaq composite went up 0.13 percent.

The Fed kept its projection for two rate cuts this year but remained in a wait-and-see mode amid persisting uncertainties stemming from the Donald Trump administration's tariff policies.

Fed Chair Jerome Powell said uncertainties have come down after peaking in April, but tariffs are expected to heighten inflationary pressure and weigh on the U.S. economy.

Investors' eyes were also on the escalating military conflict between Israel and Iran amid a lack of details on the direction of the Trump administration's plan for Tehran.

In Seoul, tech behemoth Samsung Electronics lost 0.92 percent, and its chipmaking rival SK hynix declined 0.41 percent.

Defense giant Hanwha Aerospace dropped 0.76 percent, and major nuclear power plant manufacturer Doosan Enerbility retreated 1.97 percent.

Major shipbuilder Hanwha Ocean also slid 4.33 percent.

But top internet portal operator Naver rallied 4.31 percent, while Kakao, the operator of the country's dominant mobile messenger, shot up 9.69 percent.

The local currency was trading at 1,384.2 won against the greenback at 11:20 a.m., sharply down 14.8 won from the previous session.

Yonhap