Seoul shares down late Wed. morning on tech, auto losses

South Korean stocks turned lower late Wednesday morning, driven by a decline in tech and auto shares.

The benchmark Korea Composite Stock Price Index (KOSPI) had declined 9.15 points, or 0.35 percent, to 2,584.16 as of 11:20 a.m.

Foreign investors and institutions sold off a net 166.8 billion won (US$127.8 million) worth of shares, while retail investors bought a total of 158.6 billion won.

Big-cap tech and auto stocks led the decline.

Market behemoth Samsung Electronics dived almost 1 percent, and No. 2 chipmaker SK hynix dropped 0.42 percent.

Top battery maker LG Energy Solution gained 0.35 percent, but its smaller rival Samsung SDI went down 0.28 percent.

Top automakers Hyundai Motor and Kia plunged 1.44 percent and 1.24 percent, respectively.

IT stocks also retreated. Internet portal giant NAVER edged down 0.16 percent, and platform operator Kakao dropped 1.6 percent.

In contrast, bio shares advanced. Samsung Biologics jumped more than 1.7 percent, and Celltrion shot up 2.4 percent.

The local currency was changing hands at 1,304.8 won against the greenback at 11:20 a.m., down 3.4 won from Tuesday's close.

Source: Yonhap News Agency

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