▲ Financial data are seen displayed on a screen inside the dealing room of Hana Bank in central Seoul on Jan. 29, 2025. (Yonhap)

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Seoul stocks down late Thurs. morning on profit-taking

SEOUL, Jan. 29 (Yonhap) -- South Korean stocks shed earlier gains Thursday morning, moving south due to profit-taking, while investors digest the U.S. Federal Reserve's rate-freezing decision.

The benchmark Korea Composite Stock Price Index (KOSPI) dipped 20.36 points, or 0.39 percent, to 5,150.45 as of 11:20 a.m.

After opening sharply higher, boosted by record fourth-quarter earnings from the country's two semiconductor giants, the KOSPI reversed course and fell into negative territory as investors locked in profits.

Overnight, the U.S. central bank decided to hold the country's key interest rate steady at the 3.5 to 3.75 percent range, following three successive cuts since September.

The decision will put the gap between key rates of South Korea and the United States at up to 1.25 percentage points.

Investors are also closely watching intensifying trade tensions between Seoul and Washington, triggered by U.S. President Donald Trump's threat to raise "reciprocal" tariffs against South Korea to 25 percent.

Industry Minister Kim Jung-kwan is set to visit Washington, D.C., this week to meet Commerce Secretary Howard Lutnik and discuss bilateral trade issues.

Most large-cap shares were trading lower.

Market top-cap Samsung Electronics shed 1.35 percent, while its chipmaking rival SK hynix edged up 1.07 percent.

Industry leader Hyundai Motor added 2.54 percent, defense giant Hanwha Aerospace dipped 0.93 percent, and major portal operator Naver inched down 0.09 percent.

The local currency was quoted at 1,429.7 won against the greenback as of 11:20 a.m., down 7.2 won from the previous session's close.

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