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S. Korean shares flat in late morning trade

All News 11:34 March 09, 2016

SEOUL, March 9 (Yonhap) -- South Korean shares traded a tad lower late Wednesday morning on lingering concerns over a slump in oil prices and the Chinese economy, led by losses in steel and construction shares.

The benchmark Korea Composite Stock Price Index (KOSPI) ticked down 0.42 point, or 0.02 percent, to 1,945.7 as of 11:20 a.m.

Local shares swung up and down in early trading with a lack of momentum as oil prices Tuesday pulled back from a recent rally and Chinese export data showed another hefty slump.

Market kingpin Samsung Electronics inched down 0.76 percent, and leading steelmaker POSCO sank 3.83 percent.

Subsidiaries of retail giant Lotte Group rallied after chairman Shin Dong-bin on Sunday got support from Japanese shareholders to defeat his elder brother in a lengthy succession feud, reducing management-related risks.

Lotte Confectionery, a food unit that announced a 10-for-1 stock split plan on Monday, jumped 5.85 percent, and Lotte Food soared 7.36 percent.

The local currency was changing hands at 1,214.1 won against the greenback, down 7.4 won from the previous session's close.


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