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Seoul stocks down late Friday morning

All News 11:43 June 08, 2018

SEOUL, June 8 (Yonhap) -- South Korean stocks traded lower Friday morning, as trade concerns linger ahead of a key meeting of global leaders.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 15.31 points, or 0.62 percent, to 2,455.27 as of 11:20 a.m.

Investors took to the sidelines ahead of a Group of Seven summit, in which trade tensions between the United States and its major partners will take center stage in talks.

Tech shares dropped, with market bellwether Samsung Electronics falling 1.48 percent and SK hynix, a major chipmaker, retreating 1.87 percent.

Steel shares slipped following a strong rally in the previous session.

Industry leader POSCO shed 1.63 percent, and its smaller rival Hyundai Steel sank 4.48 percent.

Telecommunications rose after the nation's three mobile carriers passed the preliminary test for the first auction for high-end fifth-generation network frequencies.

No. 1 mobile carrier SK Telecom gained 2.65 percent and its rival KT scored 0.54 percent. LG Uplus jumped 4.42 percent

The South Korean currency was trading at 1,073.0 won against the U.S. dollar, down 4 won from the previous session's close.


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