Seoul shares trim earlier losses late Thu. morning on auto gains

Seoul shares erased earlier losses late Thursday morning on gains in automobile stocks after opening lower on a mixed close on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.49 percent, or 12.17 points, to 2,457.52 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average fell 0.3 percent to 37,806.39, while the tech-heavy Nasdaq rose 0.4 percent to 15,481.92. U.S. electric vehicle maker Tesla Inc. reported weaker-than-expected earnings for the fourth quarter, which dragged down EV battery makers here. Institutions bought a net 87 billion won (US$65 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 91 billion won. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. rose 0.1 percent, leading carmaker Hyundai Motor Co. climbed 2.3 percent, its affiliate Kia Corp. jumped 4.8 percent, and Hanjin KAL Corp., the parent firm of national flag carrier Korean Air Co., was up 0.3 percent. Among decliners, Korea Ae rospace Industries Co., the country's sole aircraft manufacturer, fell 0.2 percent, leading battery maker LG Energy Solution declined 3.9 percent, and leading refiner SK Innovation Co. shed 2.4 percent. The local currency was trading at 1,334.70 won against the U.S. dollar, up 2.3 won from the previous session's close. Source: Yonhap News Agency