Seoul shares decline 0.83 pct, halting 2-day rebound after global rout

South Korean stocks traded 0.83 percent lower late Thursday morning, halting a two-day rebound after a global stock rout, as lingering U.S. recession woes weighed heavily on the market. The benchmark Korea Composite Stock Price Index (KOSPI) lost 21.27 points to 2,547.14 as of 11:20 a.m. Overnight, U.S. stocks finished bearish after weaker-than-expected demand in a 10-year U.S. bond auction amid continuing jitters. The Dow Jones Industrial Average fell 0.6 percent and the Nasdaq Composite dropped 1.05 percent. In Seoul, most shares traded in negative territory. Semiconductor companies were among the biggest losers, with industry leader Samsung Electronics losing 1.87 percent and its rival SK hynix sinking 3.01 percent. Top battery maker LG Energy Solution declined 2.77 percent and Samsung SDI skidded 3.16 percent. Mobile messenger giant Kakao dropped 0.65 percent after its founder Kim Beom-su was indicted on stock manipulation charges related to the firm's takeover of K-pop powerhouse SM Entertainment last year. Hybe, the record label behind global superstars BTS, edged up 0.44 percent even after its member Suga was involved in a drunk-driving incident. The local currency was trading at 1,378.75 won against the U.S. dollar, down 1.95 won from the previous session. Source : Yonhap News Agency