Seoul: South Korean stocks fell over 1.7 percent late Thursday morning following mixed overnight results on Wall Street and profit taking after the recent market rally. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 53.15 points, or 1.71 percent, to 3,055.1 as of 11:20 a.m.
According to Yonhap News Agency, Wall Street ended mixed overnight with no significant new catalysts after the ceasefire agreement between Israel and Iran. The Dow Jones Industrial Average decreased 0.25 percent, and the S and P 500 closed flat, while the tech-heavy Nasdaq composite increased 0.31 percent.
In Seoul, most blue chips lost ground. Market heavyweight Samsung Electronics fell 1.63 percent, and top automaker Hyundai Motor dropped 3.69 percent. Top shipbuilder HD Hyundai Heavy Industries plunged 5.72 percent, and top internet portal operator Naver nosedived 8.38 percent. Leading steelmaker POSCO Holdings and top refiner SK Innovation lost 1.3 percent and 1.38 percent, respectively.
In contrast, No. 2 chipmaker SK hynix rose 2.97 percent, and top chemical firm LG Chem gained 0.71 percent. The local currency was trading at 1,358.25 won against the greenback at 11:20 a.m., up 4.15 won from the previous session.