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Seoul stocks extend losses late Tuesday morning

All News 11:33 February 18, 2020

SEOUL, Feb. 18 (Yonhap) -- Seoul stocks extended their losses late Tuesday morning on news that the United States is considering new trade restrictions targeting China's Huawei Technologies Co.

The benchmark Korea Composite Stock Price Index (KOSPI) had lost 28.33 points, or 1.26 percent, to reach 2,213.84 as of 11:20 a.m.

The index opened weak following media reports that the U.S. may restrict the use of American chip-making equipment to further pressure Huawei. According to reports, the U.S. could force foreign chipmakers using American-made technology or equipment to get a license before supplying their chips to Huawei.

Market kingpin Samsung Electronics plunged 2.44 percent, and No. 2 chipmaker SK hynix lost 2.86 percent.

Top carmaker Hyundai Motor dived 2.21 percent, while auto parts maker Hyundai Mobis declined 0.63 percent.

Pharmaceutical giant Celltrion dropped 1.08 percent, and Samsung BioLogics shed 0.96 percent.

The local currency was trading at 1,187.90 won against the U.S. dollar, down 4.00 won from the previous session's close.

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