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Seoul stocks down late Mon. morning on U.S. bank collapse rout

All News 11:33 March 13, 2023

SEOUL, March 13 (Yonhap) -- Seoul stocks traded lower late Monday morning, as investors brace for the fallout from the Silicon Valley Bank's collapse amid woes over the Federal Reserve's monetary tightening.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.17 points, or 0.22 percent, to 2,389.42 points as of 11:24 a.m.

The market got off to a lackluster start after the Dow Jones Industrial Average closed down 1.07 percent Friday and the tech-laden Nasdaq Composite declined 1.76 percent.

Last week, the U.S.' SVB collapsed in the wake of the Fed's aggressive rate hikes, affecting other lenders and the financial market.

The U.S.' financial authorities and the Fed are shoring up programs to protect the bank customers and prevent damage to the overall financial system.

The South Korean regulator and the Bank of Korea said the SVB fiasco is unlikely to cause major harm to the local market while vowing to closely monitor the case.

In Seoul, top cap Samsung Electronics grew 0.5 percent, while chipmaker SK hynix slipped 0.12 percent.

Leading battery maker LG Energy Solutions gained 1.45 percent, and chemical giant LG Chem edged up 0.14 percent.

Top carmaker Hyundai Motor fell 0.06 percent, and internet portal operator Naver dropped 1.3 percent.

The local currency was changing hands at 1,311.35 won against the greenback as of 11:24 a.m., up 12.85 won from the previous session's close.


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