SEOUL: South Korean stocks traded 1.28 percent lower Wednesday morning, as investor sentiment was dented by lingering concerns over growth, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 25.34 points to 1,956.72 as of 11:20 a.m.
On Tuesday, the Asian Development Bank (ADB) revised down its growth outlook for Asia to 5.8 percent in 2015 from the previous 6.1 percent. The forecast for next year was also pushed down to 6 percent from 6.2 percent.
Autos were trading bearish, with Hyundai Motor slumping 3.35 percent and its corporate cousin Kia Motors tumbling 3.21 percent. Car parts maker Hyundai Mobis backtracked 2.52 percent.
Handset giant Samsung Electronics also surrendered 1.05 percent, with flat screen manufacturer LG Display moving down 1.51 percent. Top chipmaker SK hynix slipped 0.29 percent.
The local currency was trading at 1,187.60 won against the U.S. dollar as of 11:20 a.m., down 8.40 won from the previous session’s close.
