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Korean stocks up more than 1% in late morning trade

South Korean stocks traded sharply higher late Monday morning as political chaos in the country eased after the Constitutional Court ruled to oust President Park Geun-hye and investors increased risky bets.

The benchmark Korea Composite Stock Price Index rose 22.95 points, or 1.09 percent, to 2,120.30 as of 11:20 a.m.

An image depicting the stock market (123RF)
An image depicting the stock market (123RF)

Top market cap Samsung Electronics advanced 1.79 percent to a record high, major chipmaker SK hynix jumped 3.05 percent, and top automaker Hyundai Motor rose 0.34 percent.

AmorePacific, the country's top cosmetics maker, gained 3.3 percent, and Shinhan Financial, a major banking group, advanced 1.9 percent.

In contrast, POSCO, the No. 1 steelmaker, shed 0.88 percent and Hyundai Mobis, the country's top auto parts maker, fell 0.82 percent.

The South Korean won was trading at 1,149.05 against the US greenback, up 8.35 from the previous session's close. (Yonhap)