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Seoul stocks down late Wed. morning on China uncertainties

All News 11:27 July 28, 2021

SEOUL, July 28 (Yonhap) -- South Korean stocks traded slightly lower late Wednesday morning, tracking the U.S. stock retreat on uncertainties from China's move to regulate tech firms.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.89 points, or 0.09 percent, to 3,229.64 points as of 11:20 a.m.

After a choppy start, stocks fell back to losses in the late morning.

Local investor sentiment weakened as tech stocks plunged more than 4 percent in Hong Kong for a second straight session Tuesday.

Hong Kong tech retreated following China's decision to reform its tech industry and property market, which sparked market jitters around the world.

Overnight, the tech-heavy Nasdaq Composite slumped 1.21 percent, with the Dow Jones Industrial Average and the S&P 500 dropping 0.24 percent and 0.47 percent, respectively.

In Seoul, market kingpin Samsung Electronics traded flat, and No. 2 chipmaker SK hynix lost 12.16 percent.

Internet portal giant Naver moved down 2.1 percent, and leading carmaker Hyundai Motor decreased 1.11 percent.

Giant chemical maker LG Chem retreated 0.6 percent, while top pharmaceutical firm Samsung Biologics advanced 0.33 percent.

The local currency was trading at 1,154.1 won to the U.S. dollar, down 4 won from the previous session's close.


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