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Seoul stocks extend losses late Friday morning on virus concerns

All News 11:29 July 10, 2020

SEOUL, July 10 (Yonhap) -- South Korean shares extended losses late Friday morning as investor sentiment waned amid concerns over a resurgence of new coronavirus infections in major economies.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.31 points, or 0.57 percent, to 2,155.59 as of 11:20 a.m.

The daily COVID-19 cases in the United States topped 60,000 for the first time Thursday (U.S. time), with record deaths in the populous states Florida and Texas.

Growing virus fears hit the stock market with the Dow Jones Industrial Average falling 1.39 percent.

South Korea added 50 new COVID-19 infections Thursday.

The figure marked a steady decline since Sunday when South Korea confirmed more than 60 cases for a third consecutive day, but health officials warned of sporadic cluster infections on the rise.

Most large caps traded lower.

Market bellwether Samsung Electronics stayed flat, while No. 2 chipmaker SK hynix slipped 0.24 percent.

Top pharmaceutical firm Samsung BioLogics shed 1.48 percent, and leading chemical maker LG Chem retreated 0.37 percent.

The country's largest automaker, Hyundai Motor, fell 1.20 percent. Leading steelmaker POSCO dropped 3.45 percent.

The local currency was trading at 1,201.7 won against the U.S. dollar, down 6.2 won from the previous session's close.


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