Seoul: Seoul shares turned higher late Friday morning, driven by gains in defense and shipbuilding stocks, after opening lower on profit taking. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.51 points, or 0.3 percent, to 4,565.88 as of 11:20 a.m.
According to Yonhap News Agency, a day earlier, the index rose 1.31 percent to close at an all-time high of 4,552.37 after hitting an intraday high of 4,610.93. Analysts indicated that the KOSPI could move above the 4,600-point level sooner or later, depending on fourth-quarter earnings results.
Institutions and individuals purchased stocks valued at 541.3 billion won (US$372 million) and 641.69 billion won, respectively, offsetting foreign selling worth 1.28 trillion won. Overnight, U.S. stocks showed mixed results, with the Dow Jones Industrial Average rising 0.55 percent, and the tech-heavy Nasdaq Composite falling 0.44 percent.
Defense and shipbuilding stocks were the main contributors to the gains. Leading shipbuilder HD Hyundai Heavy Industries rose 2.92 percent, and defense company Hanwha Aerospace jumped 7.61 percent. Korea Aerospace Industries, the country's sole aircraft manufacturer, soared 4.41 percent, while top carmaker Hyundai Motor advanced 3.08 percent.
Among the decliners, market bellwether Samsung Electronics fell 0.07 percent, and chip giant SK hynix declined 1.46 percent. Leading refiner SK Innovation fell 2.53 percent, and leading cosmetics firm Amorepacific shed 0.5 percent.
The local currency was trading at 1,454.80 won against the greenback at 11:20 a.m., down 4.2 won from the previous session.