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Seoul stocks trade lower late Friday morning

All Headlines 11:32 August 16, 2019

SEOUL, Aug. 16 (Yonhap) -- Seoul stocks traded lower late Friday morning as investor sentiment remained weak amid lingering concerns over a global economic slowdown sparked by the U.S.-China trade war.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.60 points, or 0.75 percent, to 1,923.77 as of 11:20 a.m.

Investors are worried about the latest development in the U.S.-China trade spat. On Thursday, China said it would retaliate against the United States if Washington slaps tariffs on its products next month.

Concerns over a slowdown in the U.S. economy also weighed down the local market. U.S. stock markets suffered a 3 percent plunge Wednesday on fears of a recession, although they made a slight recovery the following day on better-than-expected U.S. consumer spending data.

In Seoul, most large-cap stocks fell across the board.

Market bellwether Samsung Electronics shed 0.11 percent to 43,650 won (US$36), while No. 2 chipmaker SK hynix dropped 1.04 percent to 76,100 won.

No. 1 automaker Hyundai Motor slid 0.78 percent to 126,500 won, while POSCO, South Korea's top steelmaker, declined 0.24 percent to 205,500 won. LG Chem, the nation's largest chemical company, dived 1.24 percent to 319,500 won.

The local currency was trading at 1,215.25 won against the U.S. dollar, down 2.55 won from the previous session's close.


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