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Seoul stocks decline further late Fri. morning on U.S. losses

All News 11:29 September 11, 2020

SEOUL, Sept. 11 (Yonhap) -- South Korean shares dipped further late Friday morning, tracking overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.07 points, or 0.55 percent, to 2,383.41 as of 11:20 a.m.

The KOSPI's decline is largely attributed to the U.S. tech retreat from growing valuation pressure and unimproved jobless benefits data from last week.

The tech-laden Nasdaq composite fell 221.97 points, or 1.99 percent, to 10,919.59 on Thursday (New York time). The Dow Jones Industrial Average lost 1.45 percent, with the S&P 500 down 1.76 percent.

Investor sentiment also weakened on lingering U.S.-China political tensions and a slower-than-expected drop in new COVID-19 cases at home.

Most large caps traded lower in Seoul.

Market bellwether Samsung Electronics lost 0.68 percent, while No. 2 chipmaker SK hynix advanced 1.83 percent.

Internet portal giant Naver dipped 1.63 percent, with its rival Kakao down 2.59 percent.

Leading chemical maker LG Chem declined 2.1 percent, and rechargeable battery maker Samsung SDI fell 1.16 percent.

Top pharmaceutical firm Samsung Biologics shed 0.92 percent, but Celltrion gained 1.51 percent.

Hyundai Motor, the country's largest automaker, slid 0.3 percent, and top steelmaker POSCO lost 0.54 percent.

The local currency was trading at 1,188.8 won against the U.S. dollar, down 3.9 won from the previous session's close.


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