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Seoul stocks down late Tuesday morning

All News 11:27 June 04, 2019

SEOUL, June 4 (Yonhap) -- South Korean stocks traded lower late Tuesday morning on growing economic concerns amid escalating global trade tensions, led by losses in tech shares.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.56 points, or 0.17 percent, to 2,064.29 as of 11:20 a.m.

The index opened slightly higher, but it skidded in late morning trading as foreigners turned to net sellers.

The Bank of Korea said the Korean economy shrank at a faster rate of 0.4 percent in the first quarter than earlier expected due to sluggish investment and exports in the wake of trade tension between the United States and China.

Tech heavyweights were in negative terrain, erasing some of their earlier gains.

Market behemoth Samsung Electronics slipped 1.03 percent, and memory chip giant SK hynix fell 1.5 percent.

Naver, the nation's top portal operator, sank 3.91 percent.

In contrast, bio and telecom shares were up.

Samsung BioLogics, a health care unit of Samsung, jumped 3.99 percent, and SK Telecom, the nation's leading mobile carrier, rose 2.2 percent.

The local currency was changing hands at 1,183.2 won against the U.S. dollar, down 1.1 won from the previous session's close.


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