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Seoul stocks pare earlier gains late Fri. morning on profit-taking

All News 11:44 August 07, 2020

SEOUL, Aug. 7 (Yonhap) -- South Korean shares trimmed gains late Friday morning on profit-taking.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.61 points, or 0.11 percent, to 2,345.22 as of 11:20 a.m.

The index got off to a strong start, but trimmed some of its earlier gains as investors attempted to cash in recent gains. The local stock market rose for four consecutive sessions.

EV battery makers rallied.

LG Chem, the country's largest electric vehicle battery maker, spiked 7.21 percent to a new record.

Among other electric vehicle battery gainers, Samsung SDI jumped 3.73 percent, and SK Innovation shot up 11.93 percent.

Other large caps in Seoul traded mixed.

Market bellwether Samsung Electronics lost 0.52 percent, with No. 2 chipmaker SK hynix retreating 1.11 percent.

Top automaker Hyundai Motor advanced 1.04, but leading pharmaceutical firm Samsung Biologics lost 1.54 percent.

Internet giant Naver shed 2.02 percent, with its rival Kakao dipping 2.06 percent.

The local currency was trading at 1,186.95 won against the U.S. dollar, down 3.45 won from the previous session's close.


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