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Seoul stocks sharply down late Fri. morning on profit-taking

All News 11:35 August 14, 2020

SEOUL, Aug. 14 -- South Korean shares traded over 1 percent lower late Friday morning, as investors attempted to cash in part of recent gains.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.59 points, or 1.09 percent, to 2,410.94 as of 11:20 a.m.

The stock index hovered around the 2,400 mark, briefly touching the day's lowest 2,383.69 as of 10:21 a.m.

The pullback was largely attributed to foreign investors' profit-taking of market heavyweights.

The nine-session winning streak that ended Thursday raised valuation pressure, analysts said.

Most large caps traded lower.

Market bellwether Samsung Electronics lost 1.02 percent, and No. 2 chipmaker SK hynix retreated 0.50 percent.

Top pharmaceutical firm Samsung Biologics dipped 1.46, and Celltrion shed 0.65 percent.

Leading chemical maker LG Chem sank 3.66 percent, and rechargeable battery maker Samsung SDI plunged 4.56 percent.

Hyundai Motor, the country's largest automaker, dropped 2.06 percent, while top steelmaker POSCO gained 1.94 percent.

Internet portal giant Naver lost 0.81 percent, but its rival Kakao added 0.14 percent.

The local currency was trading at 1,185.75 won against the U.S. dollar, down 2.45 won from the previous session's close.


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