Seoul stocks trim losses late Wednesday morning

SEOUL, April 8 (Yonhap) -- South Korean stocks pared earlier losses late Wednesday morning amid hopes that the spread of the new coronavirus could be slowing here.

After opening sharply lower, the benchmark Korea Composite Stock Price Index (KOSPI) narrowed its losses to 2.64 points, or 0.14 percent, to sit at 1,820.96 as of 11:20 a.m.

South Korea reported 53 more cases of the new coronavirus on Wednesday, up slightly from 47 new cases a day ago, bringing the nation's total infections to 10,384. The country recorded around 50 or fewer daily new cases for the third consecutive day.

Seoul shares, however, still traded in negative terrain as investors sought after profits after the market extended its gains to a fourth straight session on Tuesday.

Large-cap stocks traded mixed across the board.

Market kingpin Samsung Electronics moved down 0.71 percent, and No. 2 chipmaker SK hynix remained unchanged from the previous session. Home appliances giant LG Electronics shed 1.1 percent.

Top carmaker Hyundai Motor moved down 0.55 percent, and its auto parts affiliate Hyundai Mobis slipped 0.16 percent. Kia Motors, on the other hand, added 0.18 percent.

Leading chemical firm LG Chem climbed 2.27 percent, and No. 1 cosmetics giant AmorePacific added 1.47 percent.

The local currency was trading at 1,220.10 won against the U.S. dollar, up 1.10 won from the previous session's close.

colin@yna.co.kr
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