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Korean stocks up late Monday morning

South Korean stocks traded higher Monday morning as institutions turned net buyers ahead of a Federal Reserve meeting this week and the Group of 20 summit later this month.

The benchmark Korea Composite Stock Price Index rose 3.41 points, or 0.16 percent, to 2,098.82 as of 11:15 a.m.  Institutions bought a net 29 billion won ($24 million) worth of stocks, allowing the main index to trade in positive territory.


Foreigners and individuals sold a combined 27 billion won worth of stocks.

Large-cap stocks were mixed across the board, with market bellwether Samsung Electronics falling 0.7 percent and top carmaker Hyundai Motor losing 0.4 percent. No. 2 automaker Kia Motors climbed 1.1 percent.

The local currency was trading at 1,186.30 won against the US dollar, down 1 won from the previous session's close. (Yonhap)