Seoul shares down nearly 1 pct late Mon. morning on tech slump

Seoul shares traded almost 0.8 percent lower late Monday morning on tech losses.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 22.02 points, or 0.79 percent, to 2,762.24 as of 11:20 a.m.

On Friday, the Dow Jones Industrial Average edged up 0.04 percent, while the Nasdaq Composite and S and P 500 fell 0.16 percent and 0.18 percent, respectively, as big-cap tech shares took a breather following a rally.

In Seoul, big-cap tech shares also led the decline.

Tech behemoth Samsung Electronics dropped 0.25 percent, and No. 2 chipmaker SK hynix plunged 4.49 percent.

Bio giant Samsung Biologics also retreated 1.33 percent.

Auto, battery and IT shares were mixed.

Top carmaker Hyundai Motor was flat but its smaller affiliate Kia shed 0.16 percent.

Leading battery maker LG Energy Solution added 0.15 percent, while its smaller rival Samsung SDI slid 2.44 percent.

Internet portal operator Naver increased 0.72 percent, while Kakao, the operator of the country’s top mobile messenger, lost 1.39 percent
.

Home appliances maker LG Electronics jumped 2.03 percent.

The local currency was trading at 1,390.50 won against the U.S. dollar, down 2.2 won from the previous session’s close.

Source: Yonhap News Agency