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Seoul stocks turn to losses late Fri. morning on profit-taking

All News 11:48 October 29, 2021

SEOUL, Oct. 29 (Yonhap) -- South Korean stocks turned to losses late Friday morning as investors attempted to cash in gains.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped 14.72 points, or 0.49 percent, to 2,994.83 as of 11:20 a.m.

After a solid start, the stock market came under selling pressure as foreign investors and institutions sold to cash in profits after the key index rose in the morning.

Overnight, the Dow Jones Industrial Average added 0.68 percent, while the tech-heavy Nasdaq composite rose 1.39 percent.

In Seoul, stocks traded bearish amid tech and bio losses.

Market bellwether Samsung Electronics lost 0.42 percent, and No. 2 chipmaker SK hynix dropped 1.88 percent.

Pharmaceutical giant Samsung Biologics dropped 1.47 percent, and Drugmaker SK Bioscience shed 5.7 percent.

Leading chemical firm LG Chem moved up 0.24 percent, while leading electric car battery maker Samsung SDI fell 0.4 percent.

The local currency was trading at 1170.20 won against the U.S. dollar, down 0.50 won from the previous session's close.


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