Key facts
- Seoul stocks extended losses late Monday morning.
- Investors locked in profits from large-cap tech and semiconductor shares.
- The KOSPI fell 2.22 percent to 6,759.53.
- Samsung Electronics announced a shareholder return plan.
- The Korean won was trading at 1,377.5 won against the U.S. dollar.
Seoul stocks extended losses late Monday morning as investors locked in profits from large-cap tech shares, including semiconductors, and reacted to Samsung Electronics' shareholder return plan. The benchmark Korea Composite Stock Price Index (KOSPI) shed 153.42 points, or 2.22 percent, to 6,759.53 as of 11:18 a.m. The index had opened lower and came under further selling pressure after Samsung Electronics announced a shareholder return plan targeting a payout of up to 110 trillion won (US$79.7 billion), including the distribution of cash dividends of around 30 trillion won in the third quarter. Analyst Kim Seok-hwan of Mirae Asset Securities noted investor disappointment over the plan. Most market heavyweights traded lower, with Samsung Electronics shedding 7.28 percent and rival SK hynix declining 0.64 percent. Hyundai Motor fell 1.08 percent, KB Financial dipped 1.64 percent, and Doosan Enerbility inched down 0.68 percent. The Korean won was trading at 1,377.5 won against the U.S. dollar, up 8.5 won from the previous session's close.