Seoul shares turn lower late Wed. morning on tech losses
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The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Korean stocks turned lower late Wednesday morning due to losses in tech shares with results from the U.S. midterm elections in focus.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 94.22 points, or 1.67 percent, to 5,554.57 as of 11:20 a.m.
The index opened 2.43 percent higher, tracking overnight gains on Wall Street, but shifted to negative territory around 10:11 a.m.
Ahead of the results from the U.S. midterm elections, U.S. media projected Democrats would win control of the House, but the Senate remains uncertain.
In Seoul, top-cap Samsung Electronics fell 1.82 percent and chip giant SK hynix declined 3.22 percent.
Kia, the second-largest carmaker, retreated 3.21 percent, and leading battery maker LG Energy Solution sank 4.51 percent.
However, No. 1 mobile carrier SK Telecom advanced 2.15 percent, and major banking group KB Financial Group rose 0.13 percent.
The Korean won was trading at 1,337.95 won against the U.S. dollar as of 11:20 a.m., up 7.15 won from the previous session’s close.
