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Seoul shares pare earlier gains in late morning trade

All News 11:30 September 02, 2020

SEOUL, Sept. 2 (Yonhap) -- South Korean stocks continued to trade higher late Wednesday morning but pared earlier gains, as foreign investors unloaded shares amid lingering concerns about the coronavirus outbreak.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.55 points, or 0.19 percent, to 2,354.10 as of 11:20 a.m.

Seoul shares opened higher, taking a cue from overnight gains in U.S. markets, promoted by tech rallies.

The Dow Jones Industrial Average gained 0.7 percent, and the tech-heavy Nasdaq Composite climbed 1.39 percent to hit a record closing high.

Market kingpin Samsung Electronics gained 0.55 percent despite the news that prosecutors indicted Samsung Group heir Lee Jae-yong on Tuesday for his role in a controversial merger and alleged accounting fraud.

No. 2 chipmaker SK hynix added 0.13 percent, while consumer electronics giant LG Electronics lost 1.37 percent.

Kakao, the operator of messenger app Kakao Talk, rose 2.12 percent as its game affiliate Kakao Games has drawn explosive interest in public subscription for its initial public offering (IPO). The gaming company began a two-day public subscription on Tuesday.

But top automaker Hyundai Motor fell 2.22 percent, and its affiliate Kia Motors shed 1.85 percent.

The local currency was trading at 1,186.60 won against the U.S. dollar, down 3.8 won from the previous session's close.


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