SEOUL, Nov. 7 (Yonhap) — South Korean stocks experienced a significant decline on Tuesday morning, with the Korea Composite Stock Price Index (KOSPI) dropping by 65.43 points, or 2.61 percent, to 2,436.94 as of 11:20 a.m. This came after the index had surged 5.66 percent the previous session, its largest daily gain ever, due to the country’s reimposition of a ban on stock short selling.
The majority of blue chips were trading lower, with Samsung Electronics down 0.85 percent and LG Electronics down 1.8 percent. POSCO Holding, which had risen 19 percent the day before, plummeted 10.54 percent, and LG Energy Solution dropped 9.42 percent. SK Innovation also decreased 1.88 percent, while Hyundai Motor and Kia decreased 1.24 percent and 1.52 percent respectively.
The local currency was trading at 1307.15 won against the U.S. dollar at 11:20 a.m., a decrease of 9.85 won from the previous session’s close. odissy@yna.co.kr (END)