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Seoul stocks extend losses late Thursday morning on tech slump

All News 11:28 September 17, 2020

SEOUL, Sept. 17 (Yonhap) -- South Korean stocks extended losses late Thursday morning, taking a cue from overnight losses on Wall Street that stemmed from tech valuation concerns.

The benchmark Korea Composite Stock Price Index fell 18.47 points, or 0.76 percent, to 2,417.45 in the first 15 minutes of trading.

Despite the U.S. Federal Reserve's signal to keep the near-zero rate till 2023, the local stock market remained bearish.

Stocks dipped as institutions turned to profit-taking, with major tech firms suffering a decline.

Large caps traded mixed in Seoul.

Market behemoth Samsung Electronics fell 1.8 percent, while No. 2 chipmaker SK hynix gained 0.98 percent.

Pharmaceutical giant Samsung Biologics lost 1.68 percent, and Celltrion shed 1.35 percent.

Internet portal giant Naver retreated 1.79 percent, with its rival Kakao down 1.72 percent.

Top automaker Hyundai Motor advanced 2.18 percent, but leading chemical company LG Chem dipped 2.91 percent.

The local currency was trading at 1,176.35 won against the U.S. dollar, down 0.25 won from the previous session's close.


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