Seoul stocks down late Thurs. morning on recession fears

Seoul shares were down late Thursday morning amid renewed concerns about an economic recession.

The benchmark Korea Composite Stock Price Index (KOSPI) had declined 18.75 points, or 0.75 percent, to 2,476.46 as of 11:20 a.m.

Overnight, U.S. stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing U.S. private job growth slowed in March, says about the health of the broader economy.

The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 percent, while the Dow Jones Industrial Average inched up 0.24 percent.

In Seoul, large-cap stocks traded mixed.

Market bellwether Samsung Electronics fell 1.72 percent, and No. 2 chipmaker SK hynix declined 1.65 percent.

Battery makers fell, with LG Energy Solution going down 0.68 percent and Samsung SDI dropping 4.11 percent.

Auto shares gained ground.

Top carmaker Hyundai Motor added 0.27 percent, and Kia climbed 0.74 percent. Biotech firm Samsung Biologics jumped 3.3 percent.

The local currency was trading at 1,318.9 won against the greenback as of 11:20 a.m., down 8.4 won from the previous session's close.

Source: Yonhap News Agency

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