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Korean shares extend losses in late morning trading

South Korean shares extended losses late Monday morning as foreigners dumped more local stocks on profit-taking. The won traded higher against the dollar.

The benchmark Korea Composite Stock Price Index fell 4.02 points, or 0.17 percent, to 2,354.35 as of 11:20 a.m.

Foreigners sold a net 42 billion won ($37 million) worth of stocks. Institutions also offloaded 26 billion won worth of shares, to weigh down the main index. 


A strong rally in the KOSPI index is not expected this week as investors remain cautious as they await cues from the US Federal Reserve's annual economic policy symposium in Jackson Hole, Wyoming.

Large-cap stocks fell across the board, with market bellwether Samsung Electronics Co. shedding 0.47 percent and top carmaker Hyundai Motor Co. falling 0.35 percent.

Among gainers, leading steelmaker POSCO moved up 2.87 percent, and No. 1 chemical firm LG Chem Ltd. climbed 0.29 percent.

The local currency was trading at 1,137.70 won against the US dollar, up 3.60 won from the previous session's close. (Yonhap)
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