Seoul stocks turn lower late Wed. morning on virus woes, U.S. debt ceiling concerns

SEOUL, Oct. 6 (Yonhap) -- South Korean stocks turned to negative terrain late Wednesday morning as concerns about a surge in coronavirus cases and an impasse in the U.S. Congress over the debt ceiling weighed on investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 28.3 points, or 0.96 percent, to 2,933.87 points as of 11:20 a.m.

The key stock index started off higher, following overnight gains on Wall Street. The Dow Jones Industrial Average added 0.92 percent, while the tech-heavy Nasdaq composite rose 1.25 percent.

The KOSPI, however, turned lower later in the morning as investor sentiment worsened amid continued concerns surrounding the lack of progress in talks to raise the U.S. debt limit and avoid a default.

South Korea's new coronavirus cases also surged to over 2,000 again Wednesday after three days, worsening investor concerns.

Top cap Samsung Electronics declined 0.55 percent, and No. 2 chipmaker SK hynix fell 1.02 percent.

Internet portal operator Naver rose 1.21 percent, and online messaging giant Kakao jumped 2.25 percent.

Top automaker Hyundai Motor added 0.52 percent, and leading chemical firm LG Chem gained 1.20 percent.

Pharmaceutical giant Samsung Biologics lost 1.97 percent.

The local currency was trading at 1,190.3 won against the U.S. dollar, down 1.6 won from the previous session's close.

yunhwanchae@yna.co.kr
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