STOCKS | Seoul Stocks Trim Losses Late Friday Morning on Inflation Fears

Seoul stocks narrowed their losses late Friday morning as higher oil prices and worries that the Federal Reserve may raise interest rates weighed on sentiment, while retail buying provided support. According to Sina Finance, the benchmark KOSPI fell 157.18 points, or 2.23%, to 6,876.74 as of 11:20 a.m. after opening down 3.29%. Individual investors were net buyers of 1.68 trillion won in shares, while institutional investors and foreign investors were net sellers of 1.04 trillion won and 1.31 trillion won, respectively. Overnight oil prices surged on escalating tensions in the Middle East, triggering a selloff in U.S. stocks, with the Dow Jones Industrial Average down 0.6% and the Nasdaq Composite down 0.65%. U.S. producer prices rose 0.4% month over month in August, and investors were waiting for Friday's consumer price report to gauge the Federal Reserve's next rate move. Technology shares led declines in Seoul, with Samsung Electronics down 4%, SK Hynix down 3.45%, Hyundai Motor down 2.31%, and LG Energy Solution down 2.81%. Hanwha Aerospace rose 0.75% and Korea Gas rose 0.82%. The won was quoted at 1,347.05 per U.S. dollar at 11:20 a.m., strengthening 2.85 won from the previous close.