Seoul: Seoul stocks were trading lower late Tuesday morning, as investors went profit-taking ahead of a highly anticipated summit meeting between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) had declined 41.55 points, or 1.03 percent, to 4,001.28 as of 11:20 a.m.
According to Yonhap News Agency, after climbing to a new high the previous session, the KOSPI took a breather as foreign and institutional investors went to lock in profits. Investors are keenly following the outcome of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to be held this week in South Korea.
Most large cap shares were trading lower. Top-cap Samsung Electronics slid 1.96 percent, while its rival SK hynix declined 2.99 percent. Ship builder HD Hyundai Heavy Industries retreated 4.33 percent, defense giant Hanwha Aerospace moved down 3.37 percent, and top carmaker Hyundai Motor fell 1.38 percent.
The local currency was quoted at 1,434.7 won against the greenback as of 11:20 a.m., down 3 won from the previous session’s close.