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Seoul stocks extend losses late Tue. morning amid inflation worries

Stocks 11:31 May 04, 2021

SEOUL, May 4 (Yonhap) -- South Korean stocks extended losses late Tuesday morning on inflation concerns and the partial resumption of short selling.

After a five-session losing streak, the benchmark Korea Composite Stock Price Index (KOSPI) fell 13.06 points, or 0.42 percent, to 3,114.14 points as of 11:20 a.m.

Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed well. South Korea's consumer price index rose 2.3 percent on-year in April, the fastest pace in almost four years.

Market heavyweights also came under selling pressure on the second day of the resumption of short selling after a 14-month ban.

But the stock index erased some of the losses on increased institutional buying.

Market kingpin Samsung Electronics added 0.49 percent. No. 2 chipmaker SK hynix and internet portal giant Naver traded flat.

Giant chemical maker LG Chem advanced 0.55 percent, and top pharmaceutical firm Samsung Biologics decreased 2.33 percent.

The local currency was trading at 1,121.55 won to the U.S. dollar as of 11:20 a.m., up 2.45 won from the previous session's close.


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