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Seoul stocks trim losses late Thursday morning amid volatility

All News 11:42 December 10, 2020

SEOUL, Dec. 10 (Yonhap) -- South Korea's benchmark stock index trimmed most of its earlier losses from the overnight Wall Street tech plunge and vaccine concerns amid uncertainties over the quadruple expiration of key stock derivatives.

The Korea Composite Stock Price Index fell 4.57 points, or 0.17 percent, to 2,750.9 as of 11:20 a.m.

The fall was led by shares of tech giants, tracking a 1.94 percent overnight plunge on the Nasdaq composite. The U.S. Federal Trade Commission's antitrust lawsuit against Facebook curtailed investor appetite for tech heavyweights.

The index erased part of the losses, however, led by advances by auto and construction heavyweights.

Analysts said uncertainties increased on the expiration day of four key derivatives, including KOSPI and KOSDAQ-tracking options and futures.

Most large caps traded lower in Seoul.

Market behemoth Samsung Electronics dropped 0.68 percent, and No. 2 chipmaker SK hynix shed 2.49 percent.

Chemical firm LG Chem lost 1.56 percent, while rechargeable battery maker Samsung SDI edged up 0.18 percent.

Pharmaceutical giant Samsung Biologics retreated 0.73 percent, but Celltrion advanced 1.7 percent.

Internet giant Naver shed 0.17 percent, while its rival Kakao added 0.27 percent.

Top automaker Hyundai Motor gained 0.52 percent, with its smaller affiliate Kia Motors going up 0.78 percent.

The local currency was trading at 1,086.85 won against the U.S. dollar, down 2.05 won from the previous session's close.


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