South Korean stocks traded flat late Thursday morning, as concerns about the health of the global banking system and an economic recession overshadowed the gains of big-cap tech and chemical shares.

The benchmark Korea Composite Stock Price Index (KOSPI) had shed 0.11 point, or 0.0 percent, to 2,484.72 as of 11:20 a.m.

The index opened slightly lower and had moved within a tight range after Wall Street shares ended mixed, and investors are assessing quarterly earnings reports from major companies here amid business uncertainties over a global economic downturn and the health of the banking sector.

Institutions went on a selling binge, offsetting buying by retail and foreign investors.

Most big-cap shares rose to limit the fall of the index.

Market bellwether Samsung Electronics traded flat after it reported its worst quarterly figure in 14 years, though the tech giant flagged a gradual recovery for semiconductors in the second half of this year as it was cutting memory production.

Samsung SDI rose 0.43 percent after logging a 28 percent rise in its first-quarter net profit on solid demand for electric vehicle batteries.

Major chipmaker SK hynix grew 0.46 percent, and LG Chem surged 1.93 percent.

Leading battery maker LG Energy Solution spiked 3.35 percent, and top chemical firm LG Chem advanced 1.93 percent.

No. 1 automaker Hyundai Motor remained unchanged, and its affiliate Kia jumped 1.05 percent.

No. 1 steelmaker POSCO Holdings increased 2.42 percent, and battery components maker POSCO Future M added 2.41 percent following recent deep losses.

But internet giant Naver decreased 0.53 percent, and Kakao, the operator of the popular mobile messenger KakaoTalk, sank 1.42 percent.

The local currency was changing hands at 1,340.0 won against the greenback as of 11:20 a.m., down 3.7 won from the previous session’s close.

Source: Yonhap News Agency