Seoul shares down late Tues. morning on profit-taking

South Korean stocks turned lower late Tuesday morning after opening higher as investors sought to cash in recent gains.

The benchmark Korea Composite Stock Price Index (KOSPI) had declined 5.65 points, or 0.22 percent, to 2,596.82 as of 11:20 a.m.

Foreign investors and institutions sold off a net 177.1 billion won (US$136.1 million) worth of shares, while retail investors bought 153.7 billion won.

Big-cap stocks lost ground across the board.

Top battery maker LG Energy Solution fell 1.22 percent, and its smaller rival Samsung SDI slid 0.7 percent.

Leading chemical producer LG chem retreated more than 1.7 percent, and steelmaker POSCO Holdings fell 0.62 percent.

IT stocks also dropped, with Kakao retreating more than 1.7 percent and NAVER going down 0.21 percent.

In contrast, market heavyweight Samsung Electronics and No. 2 chipmaker SK hynix rose 0.41 percent and 0.17 percent, respectively.

Samsung Biologics and LG Electronics jumped more than 1 percent, while K-pop giant Hybe climbed almost 2 percent. HD Hyundai Heavy Industries shot up more than 2.5 percent after it won billions of dollars worth of orders to build a floating production unit and other vessels.

Auto stocks were mixed. Hyundai Motor fell 0.24 percent, while its affiliate Kia rose 0.56 percent.

The local currency was changing hands at 1,301.2 won against the greenback at 11:20 a.m., up 6.8 won from Monday's close.

Source: Yonhap News Agency