Seoul stocks erase gains late Thursday morning on profit-taking

SEOUL, Aug. 13 (Yonhap) -- South Korean shares erased some of their earlier gains late Thursday morning, as investors weigh profit-taking.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.88 points, or 0.49 percent, to 2,444.23 as of 11:20 a.m.

Large caps traded mixed.

Market bellwether Samsung Electronics lost 0.17 percent, while No. 2 chipmaker SK hynix added 0.12 percent.

Leading chemical maker LG Chem hiked 3.51 percent on high hopes for expanding EV battery markets.

Top automaker Hyundai Motor retreated 0.29 percent, and its smaller affiliate Kia Motors remained flat.

Pharmaceutical and game shares logged strong gains amid new coronavirus concerns.

Giant drugmaker Celltrion spiked 4.30 percent, as the company began selling COVID-19 diagnostic kits in the United States.

Top game publisher NCSOFT surged 5.18 percent on estimate-beating quarterly earnings. Its rival Netmarble also advanced 1.67 percent.

Internet portal giant Naver rose 0.49 percent, with its rival Kakao jumping 2.26 percent.

The local currency was trading at 1,184.05 won against the U.S. dollar, up 1.25 won from the previous session's close.

jwc@yna.co.kr
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