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S. Korean shares down sharply in late morning trading

All News 11:33 June 13, 2016

SEOUL, June 13 (Yonhap) -- South Korean shares traded 1.54 percent lower late Monday morning as foreign and institutional investors fretted over Britain's upcoming referendum on its departure from the European Union.

The benchmark Korea Composite Stock Price Index (KOSPI) plunged 31.12 points to 1,986.51 as of 11:20 a.m.

Most large caps slumped as falling oil prices and rising concerns about Britain leaving the European Union drove down U.S. shares in the previous session.

Market kingpin Samsung Electronics slipped 1.49 percent following a sharp rally last week, and chip giant SK hynix decreased 1.72 percent.

Lotte Group shares were down as prosecutors widened their probe into South Korea's fifth-largest conglomerate on lobbying and slush fund allegations.

Lotte Shopping, the group's key retail unit, tumbled 5.38 percent, and Lotte Chemical, a chemical unit, dropped 3.17 percent after withdrawing from a bidding for U.S.-based Axiall Corp.

The local currency was changing hands at 1,173.0 won against the U.S. dollar, down 7.5 won from the previous session's close.


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