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Seoul shares down in late morning on institutional selling

South Korean stocks traded lower late Wednesday morning as institutions offloaded large-cap stocks in an apparent move to lock in profits, analysts said.

The benchmark Korea Composite Stock Price Index lost 5.26 points, or 0.22 percent, to 2,069.44 as of 11:20 a.m.


The Seoul index had opened higher on Wall Street gains. On Tuesday (local time), the S&P 500 increased 2.45 percent to finish at a record-high and the Dow Jones industrial average was up 0.44 percent. The Nasdaq Composite Index also gained 0.73 percent.

Most large caps traded mixed with market kingpin Samsung Electronics losing 0.22 percent after opening higher. SK hynix, a major chipmaker, meanwhile, gained 0.51 percent. Leading automaker Hyundai Motor added 2.73 percent.

The local currency was trading at 1,125.7 won against the US dollar, up 2.6 won from the previous session's close. (Yonhap)

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