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Seoul stocks flat on Samsung Electronics losses

All News 11:52 June 08, 2020

SEOUL, June 8 (Yonhap) -- South Korean shares stayed flat late Monday morning on Samsung Electronics losses, trimming earlier gains after the market bellwether's de facto chief was summoned for questioning by a judge over whether to approve an arrest warrant.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.12 points, or 0.01 percent, to 2,181.99 as of 11:22 a.m.

The stock index erased most of its earlier gains as Samsung Electronics Vice Chairman Lee Jae-yong appeared in a Seoul court to attend the inquiry process for the arrest warrant.

As of 11:22 a.m., the KOSPI heavyweight's shares dipped 0.90 percent from the previous session's close.

Lee is under an investigation over a controversial merger of the two Samsung affiliates in 2015, a key process in his takeover of Samsung Group from his ailing father, Lee Kun-hee.

In Seoul, large caps traded mixed.

The country's No. 2 chipmaker SK hynix rose 0.77 percent.

Leading pharmaceutical firm Samsung Biologics shed 1.65 percent, and Celltrion slid 0.78 percent. Top chemical maker LG Chem added 0.23 percent.

Top automaker Hyundai Motor jumped 2.25 percent, with its smaller affiliate Kia Motors up 1.53 percent.

Internet portal giant Naver surged 3.9 percent.

The local currency was trading at 1,204.40 won against the U.S. dollar, up 2.7 won from the previous session's close.


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