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Seoul stocks expand losses late Tuesday morning

All News 11:35 May 12, 2020

SEOUL, May 12 (Yonhap) -- South Korean stocks expanded losses late Tuesday morning on fresh concerns over yet another round of a trade row between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) added 19.40 points, or 1 percent, to 1,916.00 as of 11:20 a.m.

The decrease came after U.S. President Donald Trump suggested that he was "not interested" in a trade deal with China. The world's top two economies are also major trade partners of South Korea.

The rising number of new COVID-19 patients in South Korea, which was only a few steps away from fully containing the spread before reporting nearly a hundred new cases among clubbers since the weekend, also hurt investor sentiment.

In Seoul, major blue chips mostly lost ground.

Leading tech giant Samsung Electronics fell 1.45 percent, while home appliance maker LG Electronics moved up 1.10 percent. No. 2 chipmaker SK hynix shed 0.59 percent.

Top carmaker Hyundai Motor decreased 1.81 percent, while its auto parts arm Hyundai Mobis slid 1.74 percent. Kia Motors moved down 2.78 percent.

The local currency was trading at 1,227.60 won against the U.S. dollar, down 7.10 won from the previous session's close.

Dealers work in front of an electronic signboard at the headquarters of Hana Bank in Seoul on May 12, 2020. (Yonhap)


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