SEOUL: South Korean stocks traded 1.29 percent lower late Wednesday morning as China’s decision to weaken its currency heightened concerns of a market fluctuation down the road, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) withdrew 25.57 points to 1,961.08 as of 11:20 a.m.
Techs traded mixed, with market bellwether Samsung Electronics backtracking 1.21 percent while LG Electronics climbed 1 percent. Top chipmaker SK hynix lost 0.69 percent.
Cosmetics giant Amore Pacific plummeted 8.35 percent, and state-run utility firm Korea Electric Power Corp. erased 0.99 percent. Top mobile carrier SK Telecom also surrendered 0.79 percent.
The local currency was trading at 1,190.90 won to the U.S. dollar, down 11.80 won from Tuesday’s close.
