Seoul stocks trade lower as investors cash in gains

SEOUL, Nov. 30 (Yonhap) -- South Korean stocks traded lower late Monday morning as investors cashed in profits after the benchmark index reached a new record high the previous session.

The Korea Composite Stock Price Index (KOSPI) fell 9.62 points, or 0.37 percent, to 2,623.83 as of 11:20 a.m.

Stocks turned lower after a muted start as investors locked in gains amid a recent resurgence in COVID-19 cases.

South Korea's new daily COVID-19 cases stood at under 500 for the second consecutive day Monday, keeping authorities on high alert over another wave of the pandemic.

In Seoul, large caps traded mostly lower.

Market behemoth Samsung Electronics retreated 0.44 percent, and No. 2 chipmaker SK hynix slipped 0.3 percent.

Internet portal giant Naver fell 1.23 percent, and its rival Kakao was down 1.21 percent.

Pharmaceutical giant Samsung Biologics declined 0.25 percent, while Celltrion jumped 4.64 percent.

Top automaker Hyundai Motor added 1.93 percent, while leading chemical company LG Chem fell 0.86 percent.

The local currency was trading at 1,104 won against the U.S. dollar, down 0.8 won from the previous session's close.

yunhwanchae@yna.co.kr
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