Seoul Shares Surge on Samsung Buyback Plan.

Seoul: South Korean stocks traded more than 2 percent higher late Monday morning on a sharp gain by top-cap Samsung Electronics, led by its share buyback plan. The benchmark Korea Composite Stock Price Index had risen 57.76 points, or 2.39 percent, to 2,474.62 as of 11:20 a.m. According to Yonhap News Agency, Samsung Electronics surged 5.42 percent as the world's largest memory chipmaker announced Friday a plan to buy back its shares worth 10 trillion won (US$7.19 billion) in total to boost its value. Steel giant POSCO Holdings increased 4.32 percent, and leading mobile messenger operator Kakao gained 2.2 percent. Celltrion, a leading biotech firm, jumped 4.35 percent, and F and B giant CJ Cheiljedang advanced 4.26 percent. The local currency was trading at 1,390.95 won against the U.S. dollar at 11:20 a.m., up 7.85 won from the previous session.