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Seoul stocks trade low on Sino-American dispute worries

All News 11:32 May 27, 2020

SEOUL, May 27 (Yonhap) -- South Korean stocks continued to trade lower late Wednesday morning on concerns over the Sino-American dispute amid the new coronavirus pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.02 points, or 0.25 percent, to 2,024.76 as of 11:20 a.m.

The index opened slightly lower following a news report that suggested the U.S. Treasury Department could freeze assets of Chinese officials and businesses in retaliation for China's new national security law for Hong Kong that many believe may undermine Hong Kong's mini-constitution.

The U.S. and China are South Korea's two largest trade partners.

"The market seems to be taking a breather, considering that the hopes of economic reopening and China's stimulus measures have already been projected in the KOSPI in the previous session," Kiwoom Securities analyst Seo Sang-young said.

The KOSPI shot up to a near three-month high Tuesday, largely fueled by hopes of economic reopening in Europe.

Large caps traded mixed.

Market bellwether Samsung Electronics rose 0.61 percent, while No. 2 chipmaker SK hynix dropped 0.49 percent.

Top chemical maker LG Chem tumbled 3.86 percent, while leading carmaker Hyundai Motor stayed flat.

The local currency was trading at 1,234.45 won against the U.S. dollar, down 0.15 won from the previous session's close.


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