Seoul shares trade lower on steel, retail losses

GMT 23:29 2015 Saturday ,01 August

Arab Today, arab today Seoul shares trade lower on steel, retail losses

Seoul shares trade
Seoul - Yonhap

South Korean shares traded 0.53 percent lower late Friday morning, driven in part by losses in steel, retail and other large-cap companies, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.6 points to 2,008.43 as of 11:20 a.m.

Steel companies traded bearish with market leader POSCO losing 1.77 percent and Hyundai Steel down 1.2 percent.

The retail sector served as a drag. In particular, Lotte Shopping dropped 3.49 percent amid what could be a dragged-out feud between the sons of the group founder over its managerial power.

Furniture maker Hanssem dived 6.96 percent, while auto issues reversed from a strong start, with Hyundai Motor falling 2 percent.

Tech issues traded mixed with Samsung Electronics trading 2.06 percent lower after dropping below the 1,200,000 won mark at one point, the lowest in about eight months. Chipmaker SK hynix rose 4.2 percent.

The local currency was changing hands at 1,169.65 won against the greenback in Seoul as of 11:20 a.m., down 1.25 won from Thursday's close.

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