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Seoul stocks trim losses late Wed. morning

All News 11:44 September 09, 2020

SEOUL, Sept. 9 (Yonhap) -- South Korean shares trimmed part of their earlier losses late Wednesday morning after opening sharply lower on an overnight plunge on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.28 points, or 0.76 percent, to 2,383.63 as of 11:20 a.m.

Investor sentiment turned risk-averse, as key U.S. stock indices tumbled. But a slight rebound in some tech shares partially buffered the fall.

The tech-laden Nasdaq Composite plummeted 465.44 points, or 4.11 percent, to 10,847.69, after dipping nearly 5 percent only two sessions ago. The Dow Jones Industrial Average dropped 2.25 percent, with the S&P 500 down 2.78 percent.

Rising political tensions between the United States and China, South Korea's two largest trade partners, also fueled investor wariness.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics advanced 0.34 percent, while No. 2 chipmaker SK hynix lost 1.51 percent.

LG Electronics spiked 7.23 percent, after the firm announced a sales jump in electronic home appliance as more people stay and work at home.

Internet portal giant Naver retreated 2.09 percent, with its rival Kakao dipping 1.67 percent.

Leading chemical maker LG Chem dipped 1.41 percent, and rechargeable battery maker Samsung SDI dropped 1.61 percent.

Top pharmaceutical firm Samsung Biologics fell 2.2 percent, and Celltrion shed 3.14 percent.

Hyundai Motor, the country's largest automaker, gained 0.6 percent, but top steelmaker POSCO lost 1.06 percent.

The local currency was trading at 1,190.15 won against the U.S. dollar, down 3.75 won from the previous session's close.


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