SEOUL– South Korean stocks traded lower late Wednesday morning amid growing concerns of a surge in new coronavirus cases despite stepped-up efforts to contain the pandemic.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.66 points, or 0.17 percent, to trade at 3,237.53 points as of 11:20 a.m.
The KOSPI got off to a weak start as the country reported a record high number of daily coronavirus cases at 2,223.
South Korea’s daily new coronavirus cases have remained above 1,000 for over a month despite the implementation of a semi-lockdown in the capital area.
The KOSPI, however, pared earlier losses on upbeat economic data.
South Korea’s exports rose 46.4 percent on-year in the first 10 days of August, while the country reported job additions for the fifth straight month in July.
Market bellwether Samsung Electronics lost 1.12 percent, and No. 2 chipmaker SK hynix dropped 4.89 percent.
Internet portal operator Naver added 0.45 percent, while messaging giant Kakao slid 0.68 percent.
Pharmaceutical firm Samsung Biologics advanced 2.53 percent, and Celltrion jumped 5.37 percent.
Top automaker Hyundai Motor added 0.23 percent, while leading chemical firm LG Chem retreated 0.23 percent.
Video game developer Krafton skid 5.4 percent on its second day of trading.
The local currency was trading at 1,153.5 won against the U.S. dollar, down 3.7 won from the previous session’s close.
Source: Yonhap News Agency