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Seoul stocks retreat late Wednesday morning

All News 11:35 January 10, 2018

SEOUL, Jan. 10 (Yonhap) -- South Korean stocks traded lower late Wednesday morning as foreigners turned to net sellers on concerns that a strong local currency could hamper prospects of major exporters.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.43 points, or 0.3 percent, to 2,502.8 as of 11:20 a.m.

Tech heavyweights traded bearish.

Market bellwether Samsung Electronics declined 2.7 percent after posting a weaker-than-expected operating profit estimate for the fourth quarter Monday due to a strong Korean won. SK hynix, a major chipmaker, sank 4.8 percent.

Auto shares were up. Top automaker Hyundai Motor gained 2.3 percent, and its parts maker Hyundai Mobis added 3.01 percent.

Cosmetic shares were in positive terrain on brisk sales prospects in China and Southeast Asian nations.

Industry leader AmorePacific rose 2.52 percent, and its smaller rival LG Household & Healthcare increased 5.84 percent.

Samsung SDS, Samsung's IT service unit, rose 1.03 percent as investors bet on its blockchain platform Nexledger amid rising interest in cryptocurrencies.

The local currency was trading at 1,070.3 won against the U.S. dollar, down 3.2 won from the previous session's close.

ejkim@yna.co.kr
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