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Seoul shares pare earlier losses in late morning trade

Finance 11:33 June 12, 2020

SEOUL, June 12 (Yonhap) -- South Korean stocks continued to trade sharply lower late Friday morning but pared earlier losses that followed overnight plunges on Wall Street, prompted by renewed concerns over the new coronavirus outbreak.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 48.75 points, or 2.24 percent, to 2,128.03 as of 11:20 a.m.

Seoul shares opened sharply lower, apparently tracking the U.S. market crash.

The Dow Jones Industrial Average tumbled 1,861.82 points, or 6.9 percent, to close at 25,128.17.

Investor sentiment remained subdued as the U.S. Federal Reserve warned of a "long road" to economic recovery Wednesday over the virus outbreak and vowed to keep interest rates low.

The KOSPI plunged over 4 percent at the opening bell. The Seoul market trimmed earlier losses after retail investors turned to bag bargains.

Most blue chips lost ground.

Market kingpin Samsung Electronics declined 2.98 percent, and No. 2 chipmaker SK hynix shed 3.16 percent.

Top automaker Hyundai Motor fell 3.69 percent, and its affiliate Kia Motors lost 3.78 percent.

The local currency was trading at 1,206.40 won against the U.S. dollar, down 10 won from the previous session's close.

sooyeon@yna.co.kr
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