Seoul shares narrow losses in late morning trade on little momentum

Seoul shares trimmed losses late Tuesday morning as investors find little upside momentum after U.S. stocks retreated from near all-time highs last week. The benchmark Korea Composite Stock Price Index had fallen 5.59 points, or 0.21 percent, to 2,649.69 as of 11:20 a.m. Individuals bought a net 132 billion won (US$101 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 135 billion won. In Seoul, auto, steel and energy stocks led declines. Top carmaker Hyundai Motor Co. fell 1.7 percent, leading auto parts maker Hyundai Mobis Co. declined 0.8 percent, national flag carrier Korean Air Co. dropped 0.8 percent, leading car battery maker LG Energy Solution Ltd. shed 0.4 percent, and steelmaker POSCO Holdings Inc. was down 1.2 percent. Among gainers, market bellwether Samsung Electronics Co. rose 0.1 percent, shipbuilder Samsung Heavy Industries Co. climbed 2.2 percent, leading shipping firm HMM jumped 5.7 percent, and the country's sole aircraft manufacturer Korea Aeros pace Industries Co. was up 3.2 percent. Samsung Heavy shares got a boost from a $1.5 billion deal to build a floating liquefied natural gas facility for a North American shipper by early 2028. The local currency was trading at 1,299.25 won against the U.S. dollar, down 11.25 won from the previous session's close. Source: Yonhap News Agency