Seoul: South Korean stocks traded lower late Friday morning, as investors moved to lock in profits from recent sharp gains. The benchmark Korea Composite Stock Price Index (KOSPI) shed 11.94 points, or 0.34 percent, to 3,449.36 as of 11:20 a.m.
According to Yonhap News Agency, the index had opened in negative terrain, despite overnight gains on Wall Street, and moved in a narrow range before sliding further on heavy selling by foreign investors. The KOSPI had recently rallied, reaching a record high of 3,461.30 on Thursday, but top-cap shares showed mixed performances.
Market bellwether Samsung Electronics fell 0.37 percent, while chip giant SK hynix saw a rise of 0.28 percent. Leading battery maker LG Energy Solution decreased by 1.27 percent, and major bio company Samsung Biologics slipped 0.49 percent. Conversely, Celltrion added 0.42 percent.
Defense giant Hanwha Aerospace experienced a surge of 1.37 percent, in contrast to No. 1 financial firm KB Financial Group, which saw a decrease of 0.94 percent. The automotive sector faced declines, with top automaker Hyundai Motor retreating by 2.17 percent, and its sister affiliate Kia tumbling 1.27 percent.
Shipbuilders showed varied results. Leading shipbuilder HD Hyundai Heavy remained unchanged, while rival Hanwha Ocean experienced an increase of 0.18 percent. Meanwhile, the local currency was trading at 1,394.35 won against the U.S. dollar at 11:20 a.m., marking a decrease of 6.55 won from the previous session.