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S. Korean shares down in late morning trade

All News 11:26 October 11, 2016

SEOUL, Oct. 11 (Yonhap) -- South Korean shares traded sharply lower late Tuesday morning while market bellwether Samsung Electronics suffered a sharp drop following its decision to halt global sales of its latest Galaxy Note 7 smartphone.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.92 points, or 0.73 percent, to 2,041.90 as of 11:20 a.m.

Samsung Electronics plunged 5.54 percent, marking a second consecutive session of drop after reaching a record high of 1,706,000 won (US$1,529) on Friday.

The tech-giant earlier announced its decision to halt global sales of the Galaxy Note 7, about 10 days after it resumed sales of the smartphone that was placed under an unprecedented global recall over battery-related problems.

Most other large caps were in positive terrain apparently as what local analysts have called better-than-expected third quarter earnings of local firms continued to boost investor sentiments.

Top automaker Hyundai Motor added 0.37 percent, while its smaller affiliate Kia Motors advanced 0.72 percent.

Global steelmaker POSCO spiked 1.75 percent, with leading non-life insurer Samsung Fire & Marine surging 1.76 percent.

The local currency was trading at 1,117.05 won against the U.S. dollar, down 8.65 won from the previous session's close.


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