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Korean shares down 0.52 pct in late morning trade

All News 11:37 January 16, 2017

SEOUL, Jan. 16 (Yonhap) -- South Korean shares traded lower late Monday morning as investors sold tech and chemical stocks for profit-taking.

The benchmark Korea Composite Stock Price Index lost 10.73 points, or 0.52 percent, to hit 2,066.06 as of 11:20 a.m.

The broad index tracked overnight losses on Wall Street. The Dow Jones industrial average lost 0.03 percent.

Bae Sung-young, a market analyst at KB Securities Co., said profit-taking by investors on technology and chemical stocks is to blame for losses in the main index.

Most large-cap stocks were mixed across the board.

Top automaker Hyundai Motor gained 0.34 percent and top life insurer Samsung Life was up 1.34 percent.

Meanwhile, market bellwether Samsung Electronics Co. fell 0.59 percent and No. 2 chipmaker SK hynix Inc. was down 2.19 percent.

The local currency was trading at 1,180.15 won against the U.S. dollar, down 5.45 won from the previous session's close.


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