BUSINESS

Seoul stocks extend gains late Friday morning

By Yonhap
  • Published : Oct 27, 2017 - 11:49
  • Updated : Oct 27, 2017 - 11:49
South Korean stocks extended gains late Friday morning as investors scooped up blue-chip stocks on bargain hunting.

The benchmark Korea Composite Stock Price Index rose 11.97 points, or 0.48 percent, to 2,492.60 as of 11:15 a.m.

(Yonhap)

Tech and steel stocks led gains, with market bellwether Samsung Electronics Co. rising 0.80 percent and leading steelmaker POSCO advancing 2.56 percent. 

Among other gainers, Naver Corp., the country's leading online portal operator, climbed 3.93 percent and No. 1 chemical firm LG Chem Ltd. was up 2.53 percent.

No. 2 carmaker Kia Motors Corp. gained 0.44 percent as investors recognize the uncertainties surrounding the company's wage-related suit are now lifted. Kia reflected nearly 1 trillion won ($886 million) in one-off expenses in its third-quarter results to pay delayed wages to its workers.

In contrast, top carmaker Hyundai Motor Co. fell 0.63 percent and leading auto parts maker Hyundai Mobis Co. declined 0.59 percent.

The local currency was trading at 1,129.35 won against the US dollar, down 4.75 won from the previous session's close. (Yonhap)