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Seoul shares almost flat Wed. morning on N. Korean missile launch

All News 11:49 November 02, 2022

SEOUL, Nov. 2 (Yonhap) -- South Korean stocks traded almost flat Wednesday morning as inter-Korean tension rose following the launches of multiple missiles by North Korea.

The benchmark Korea Composite Stock Price Index (KOSPI) had advanced 2.48 points, or 0.11 percent, to 2.337.7 as of 11:20 a.m.

The KOSPI trailed behind Wall Street lows overnight and opened lower.

North Korea launched at least three short-range ballistic missiles into the East Sea earlier in the day, one of which flew across its de facto maritime border with South Korea for the first time since the end of the 1950-53 Korean War, according to the South's military.

Investors also remained watchful ahead of the U.S. Federal Reserve's policy meeting Wednesday (U.S. time).

In Seoul, most big cap shares traded down.

Market bellwether Samsung Electronics inched down 0.5 percent, while rival chipmaker SK hynix added 1.19 percent.

Battery maker LG Energy Solution advanced 1.42 percent, while major battery maker Samsung SDI dipped 4.34 percent.

Auto shares were in negative territory. Hyundai Motor inched down 0.91 percent, and sister affiliate Kia dropped 0.9 percent.

Kakao Bank, the online bank owned by messenger app operator Kakao, soared 12.43 percent on the heels of its record-high quarterly results.

The local currency had been exchanging at 1,418.9 won against the U.S. dollar, down 1.7 won from the previous day's close, as of 11:20 a.m.


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