Seoul stocks extend losses late Tue. morning on virus concerns
SEOUL, South Korean stocks extended losses late Tuesday morning, as investors turned risk-averse on concerns over the new coronavirus resurgence in global markets.
The benchmark Korea Composite Stock Price Index fell 30.56 points, or 1.11 percent, to 2,714.88 as of 11:20 a.m.
The KOSPI fared poorly after setting an all-time high for a fifth straight session the previous day.
Investor sentiment weakened as the country’s daily new COVID-19 cases continued to hover near the 600-mark despite the tightened social distancing scheme.
Overnight, the Dow Jones Industrial Average retreated 0.49 percent to 30,069.79 points on rising COVID-19 cases and disappointing jobless data in the United States. The Nasdaq composite gained 0.45 percent, but the S&P 500 lost 0.19 percent.
Most large caps traded lower in Seoul.
Market bellwether Samsung Electronics lost 1.23 percent, and No. 2 chipmaker SK hynix retreated 2.97 percent.
Hyundai Motor, the country’s largest carmaker, dropped 3.36 percent, and leading steelmaker POSCO declined 1.3 percent.
Leading chemical firm LG Chem fell 1.1 percent, while rechargeable battery maker Samsung SDI gained 1.47 percent.
Pharmaceutical giant Samsung Biologics shed 4.43 percent, and Celltrion declined 4.09 percent.
Internet portal giant Naver fell 1.21 percent, with its rival Kakao down 1.95 percent.
The local currency was trading at 1,084.5 won against the U.S. dollar, down 2.4 won from the previous session’s close.
Source: Yonhap News Agency