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Seoul stocks extend losses late Tuesday morning on virus woes

All News 11:39 July 14, 2020

SEOUL, July 14 (Yonhap) -- South Korean stocks extended losses late Tuesday morning on the global resurgence of new coronavirus infections.

The benchmark Korea Composite Stock Price Index fell 9.48 points, or 0.43 percent, to 2,176.58 as of 11:20 a.m.

The KOSPI remained bearish as investors turned risk-averse, with the global COVID-19 toll topping 13 million.

U.S. cases increased 2 percent Monday, forcing some states to shut down bars and restaurants in an attempt to slow down the spread of the novel virus.

Mike Ryan, head of the World Health Organization's emergencies program, on Monday said, "It would be unrealistic to expect that a perfect vaccine will become available to everyone immediately, and it's not realistic to expect COVID-19 to disappear in the coming months."

Most large caps traded lower in Seoul.

Market behemoth Samsung Electronics stayed flat, while No. 2 chipmaker retreated 0.96 percent.

Top automaker Hyundai Motor fell 1.48 percent, and leading chemical firm LG Chem dipped 1.83 percent.

Internet giant Naver lost 3.03 percent, with its rival Kakao falling 2.56 percent.

Pharmaceutical shares fared stronger, with leading drugmaker Samsung BioLogics gaining 1.51 percent.

The local currency was trading at 1,206.95 won against the U.S. dollar, down 6.05 won from the previous session's close.


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