Seoul stocks erase earlier gains as auto stocks fall

SEOUL, Jan. 4 (Yonhap) -- South Korean stocks traded lower Thursday morning dragged down by losses in auto and chemical shares.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 16.59 points, or 0.67 percent, to 2,469.76 as of 11:20 a.m.

Market kingpin Samsung Electronics was 1.36 percent down, while SK hynix, a global chipmaker, advanced 1.29 percent.

No. 1 automaker Hyundai Motor dropped 2.66 percent, and its smaller affiliate Kia Motors declined 2.45 percent.

LG Chem, the country's leading chemical firm, traded 2.32 percent lower, and top cosmetics maker AmorePacific fell 2.41 percent.

The local currency was trading at 1,067.30 won against the U.S. dollar, down 2.8 won from the previous session's close.

scaaet@yna.co.kr
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