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Seoul stocks trim earlier losses late Monday morning

All News 11:33 May 04, 2020

SEOUL, May 4 (Yonhap) -- South Korean stocks pared earlier losses but stayed in negative terrain late Monday morning amid renewed trade war concerns involving the U.S. and China.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 36.08 points, or 1.85 percent, to 1,911.48 as of 11:20 a.m.

The index lost as much as 2.64 percent in the morning, tracking Wall Street losses after U.S. President Donald Trump indicated he may consider imposing tariffs on China over its handling of the novel coronavirus outbreak.

The Dow Jones Industrial Average fell 2.55 percent to close at 23,723.69.

The index moved up slightly later after South Korea reported another day with no local virus cases. The country identified eight more COVID-19 cases, all from overseas, bringing the nation's total infections to 10,801.

In Seoul, most large-cap stocks stayed below the flatline.

Market bellwether Samsung Electronics plunged 2.3 percent, while No. 2 chipmaker SK hynix shed 2.03 percent.

South Korea's No.1 automaker, Hyundai Motor, lost 1.71 percent, while auto parts maker Hyundai Mobis declined 0.87 percent.

Top chemical firm LG Chem tumbled 4.25 percent, while leading steelmaker POSCO dived 3.25 percent. However, the country's top web portal operator, Naver, gained 0.25 percent.

The local currency was trading at 1,227.80 won against the U.S. dollar, down 9.6 won from the previous session's close.

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