Go to Contents Go to Navigation

Seoul stocks extend losses on profit taking

All News 11:35 February 07, 2020

SEOUL, Feb. 7 (Yonhap) -- Seoul stocks extended losses late Friday morning following sharp gains in the three previous sessions as institutions offloaded stocks on profit taking amid the spreading coronavirus outbreak.

The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 18.43 points, or 0.83 percent, to 2,209.51 as of 11:20 a.m.

But analysts said China's decision to cut tariffs on US$75 billion of U.S. imports, reports of possible vaccines for the virus and Beijing's extended stimulus measures to support its economy will limit a further fall in the local stock market.

Most large-cap stocks were down.

Market bellwether Samsung Electronics Co. fell 1.2 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. shed 1.9 percent and state-run utility Korea Electric Power Corp. was down 0.4 percent.

Among gainers, leading chemical firm LG Chem Ltd. rose 1.6 percent, Hanjin KAL, the holding company of airline conglomerate Hanjin Group, climbed 0.6 percent and national flag carrier Korean Air Lines Co. was up 1.3 percent.

The local currency was trading at 1,187.30 won against the U.S. dollar, down 7.50 won from the previous session's close.

Send Feedback
How can we improve?
Thanks for your feedback!