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Seoul shares sink 1.47 pct in late morning trade

2016/01/26 11:33

SEOUL, Jan. 26 (Yonhap) -- South Korean stocks traded 1.47 percent lower late Tuesday morning as investors were disheartened by market heavyweights' sluggish earnings and slumping oil prices.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 27.8 points to 1,866.04 as of 11:20 a.m.

Crude oil prices fell below $30 a barrel Monday after Iraq's increased output last month deepened concerns over a supply glut.

South Korea's fourth-quarter economic growth more than halved from three months earlier as plunging construction investment offset a visible recovery in consumer spending and exports.

Chemical shares traded bullish on worries over their weak earnings and business outlook for this year.

Samsung SDI, a battery-making unit of Samsung Group, plummeted 13.07 percent one day after posting a net loss of 231.3 billion won in the fourth quarter.

LG Chem, the nation's largest chemical and battery maker, tumbled 7.28 percent on worries over its quarterly report slated for later in the day.

SK hynix, the world's second-largest chipmaker, gained 0.71 percent although its fourth-quarter net profit fell 46.3 percent on slowing semiconductor sales.

The local currency was trading at 1,200.7 won against the U.S. dollar as of 11:20 a.m., down 6.5 won from Monday's close.