Seoul shares down late Thurs. morning after U.S. election

SEOUL, Nov. 7 (Yonhap) — South Korean stocks traded lower late Thursday morning, weighed down by concerns over the negative impact of former U.S. President Donald Trump’s election victory on the Korean economy.

The benchmark Korea Composite Stock Price Index had fallen 6.43 points, or 0.25 percent, to 2,557.08 as of 11:20 a.m.

Overnight, major U.S. indexes hit record highs after the U.S. presidential election ended with Trump’s return.

In Seoul, tech, auto and battery shares remained weak as the sectors are expected to be largely affected by new trade and economic policies under the second Trump administration.

Chip giant SK hynix edged down 0.1 percent, and Hanmi Semiconductor, a major chip equipment provider, fell 1.07 percent.

Carmaker Kia decreased 0.84 percent, and leading battery maker LG Energy Solution declined 2.18 percent.

But shipbuilders were among the big winners, with Hanwha Ocean shooting up 16.01 percent and HD Korea Shipbuilding & Offshore Engineering jumping 6.57 percent.

The local currency was trading at 1,396.6 won against the U.S. dollar as of 11:20 a.m., down 0.4 won from the previous session.