The Korea Herald

지나쌤

Seoul shares down in late-morning trade on rate hike woes

By KH디지털2

Published : Nov. 9, 2015 - 11:48

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South Korean stocks traded 0.3 percent lower late Monday morning as investor investment was spooked by growing expectations of a U.S. rate hike, analysts said.

The benchmark Korea Composite Stock Price Index shed 6.09 points to 2,034.98 as of 11:20 a.m.

The U.S. unveiled its latest jobs data last week, which far exceeded market estimates and raised expectations that the U.S. Fed could raise its interest rate in its meeting scheduled in December, a decision that could affect the financial market here, which heavily depends on foreign capital.

Shipping firms led the overall decline amid rumors for a mega merger among leading players.

Market leader Hanjin Shipping and second-ranked Hyundai Merchant Marine traded 3.75 percent and 9.41 percent lower, respectively, following a media report that the government is leading efforts for a merger between the two.

Chemical producers and steelmakers also traded in negative terrain. No. 1 chemical maker LG Chem fell 0.82 percent following its announcement that it is seeking to buy a fertilizer and agriculture-related product maker. Top steelmaker POSCO fell 1.92 percent.

Pharmaceutical companies stayed bullish with Hanmi Pharm jumping 15.89 percent, the second straight rally after a recent

$4 billion license deal with French drugmaker Sanofi to develop diabetes treatments.

The local currency was changing hands at 1,152.95 won against the greenback as of 11:20 a.m., down 11.05 won from Friday's close. (Yonhap)