Seoul stocks lose ground late Mon. morning amid high valuation pressure

Seoul (South Korea), June 7: South Korean stocks lost ground late Monday morning amid increased valuation pressure, after the key stock index nearly reached an all-time intraday high on eased U.S. tapering jitters.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.2 points, or 0.1 percent, to reach 3,236.88 points as of 11:20 a.m.
The KOSPI got off to a bullish start, briefly peaking at 3,264.41 points. The gains came as investors appeared relieved that the increase in U.S. non-agricultural jobs in May turned out to be slower than the market consensus.
The stock index increasingly lost ground, however, as investors took profits from the stock price hike.
In Seoul, market bellwether Samsung Electronics lost 0.61 percent, and No. 2 chipmaker SK hynix retreated 0.39 percent.
Internet portal operator Naver increased 0.42 percent, with giant pharmaceutical firm Samsung Biologics climbing 0.95 percent.
Top automaker Hyundai Motor edged up 0.21 percent, and leading chemical firm LG Chem traded flat.
The local currency was trading at 1,110.9 won against the U.S. dollar, up 5.6 won from the previous session's close.
Source: Yonhap