SEOUL: South Korean stocks traded lower late Wednesday morning as growing concerns over the global economic slowdown sapped investor sentiment.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.59 points, or 0.61 percent, to 1,902.64 as of 11:20 a.m.
Christine Lagarde, the chief of the International Monetary Fund (IMF), said on Tuesday that global economic growth is likely to be slower than what was expected in July and that emerging markets will have to brace for possible turbulence from China, the world’s No. 2 economy.
Top steelmaker POSCO withdrew 1.61 percent, and chipmaker SK hynix also surrendered 1.31 percent.
Portal operating giant Naver dropped 2.63 percent, while market bellwether Samsung Electronics remained unchanged.
The local currency was changing hands at 1,179.25 won against the U.S. dollar, down 7.45 won from Tuesday’s close.
