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Seoul stocks trim gains late Thur. morning on profit-taking

All News 11:34 October 08, 2020

SEOUL, Oct. 8 (Yonhap) -- South Korean stocks trimmed part of their earlier gains late Thursday morning, as investors switched to selling mode after a week of gains.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.66 points, or 0.11 percent, to 2,389.6 as of 11:20 a.m.

The KOSPI has gained for six consecutive sessions through Wednesday, thanks to hopes for fresh stimulus in the United States.

Investor appetite for risk also hiked on the back of the Federal Open Market Committee (FOMC) minutes, as some of the committee members supported jacking up its asset-buying program to support the pandemic-hit economy.

The Dow Jones Industrial Average advanced 1.91 percent to close at 28,303.46 on Wednesday (New York time). The tech-heavy Nasdaq Composite jumped 1.88 percent, and the S&P 500 gained 1.74 percent.

In Seoul, most large caps traded mixed.

Market kingpin Samsung Electronics fell 0.5 percent despite better than expected third-quarter earnings guidance, and No. 2 chipmaker SK hynix slipped 0.24 percent.

Internet portal giant Naver shed 1.31 percent, but its rival Kakao edged up 0.26 percent.

Leading chemical maker LG Chem advanced up 1.76 percent, and rechargeable battery maker Samsung SDI climbed 1.37 percent.

Top pharmaceutical firm Samsung Biologics lost 0.83 percent, while Celltrion gained 1.54 percent.

The local currency was trading at 1,157.85 won to the U.S. dollar, up 0.35 won from the previous session's close.

jwc@yna.co.kr
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