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Seoul stocks down late Fri. morning on virus concerns

All News 11:29 August 06, 2021

SEOUL, Aug. 6 (Yonhap) -- South Korean stocks turned to losses late Friday morning on concerns about the spreading new coronavirus and the extended virus curbs.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.56 points, or 0.41 percent, to trade at 3,262.57 points as of 11:20 a.m.

The KOSPI got off to a solid start, tracking overnight rallies on Wall Street that stemmed from optimism over jobless data.

The KOSPI swung to losses in the late morning, however, on growing concerns about the surging virus outbreaks.

South Korea's daily new coronavirus cases remained in the 1,700s for the third straight day Friday, triggering the extension of the toughest level of virus restrictions for two additional weeks.

Market bellwether Samsung Electronics lost 0.73 percent, and No. 2 chipmaker SK hynix decreased 1.25 percent.

Internet portal operator Naver moved down 0.45 percent, while giant pharmaceutical firm Samsung Biologics advanced 0.66 percent.

Top automaker Hyundai Motor traded flat, and leading chemical firm LG Chem retreated 1.52 percent.

Kakao Bank, the internet-only banking unit of the country's dominant mobile messenger app Kakao Talk, surged 17.5 percent on its stock market debut.

The local currency was trading at 1,143.3 won against the U.S. dollar, up 0.4 percent from the previous session's close.


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