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Seoul stocks trim losses late Friday morning

All News 11:29 September 04, 2020

SEOUL, Sept. 4 (Yonhap) -- South Korean shares slightly trimmed earlier losses late Friday morning, but continued to trade bearish over an overnight plunge on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 35.93 points, or 1.5 percent, to 2,359.97 as of 11:20 a.m.

On Thursday (New York time), Wall Street was roiled by panic selling as investors dumped tech stocks.

The tech-laden Nasdaq 500 plummeted 598.34 points, or 4.96 percent, to 11,458.1, marking the steepest fall since June.

The Dow Jones Industrial Average dipped 2.78 percent, with the S&P 500 tumbling 3.51 percent.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics lost 1.6 percent, but No. 2 chipmaker SK hynix climbed 0.25 percent.

Internet portal giant Naver retreated 2.51 percent, with its rival Kakao dipping 2.2 percent.

Leading chemical maker LG Chem retreated 3.39 percent, and rechargeable battery maker Samsung SDI dropped 2.98 percent.

Top pharmaceutical firm Samsung Biologics fell 1.41 percent, and Celltrion shed 1.84 percent.

Hyundai Motor, the country's largest automaker, lost 3.12 percent, and top steelmaker POSCO retreated 1.32 percent.

The local currency was trading at 1,190.25 won against the U.S. dollar, down 1.95 won from the previous session's close.

jwc@yna.co.kr
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