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Seoul Shares Decline Amid Tech and Battery Losses

Seoul: South Korean stocks turned lower late Friday morning on tech and battery losses. Starting 0.33 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) had fallen 3.11 points, or 0.12 percent, to 2,576.37 as of 11:20 a.m.

According to Yonhap News Agency, on Wall Street, major stock indices finished higher due to a trade agreement between the United States and Britain. The Dow Jones Industrial Average rose 0.62 percent, and the Nasdaq Composite advanced 1.07 percent. However, in Seoul, semiconductor and battery shares were leading decliners.

Chip giant SK hynix lost 1.42 percent, and Hanmi Semiconductor, a leading chipmaking equipment provider, shed 1.66 percent. Leading battery maker LG Energy Solution sank 3.05 percent, and POSCO Future M tumbled 4.58 percent. Bank shares were also weak as KB Financial Group retreated 2.65 percent, and Hana Financial Group dropped 1.39 percent.

The local currency was trading at 1,412.2 won against the U.S. dollar at 11:20 a.m., down 15.6 won from the previous session.

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