Seoul:Seoul shares narrowed their losses late Friday morning as investors engaged in profit-taking while buying major technology stocks ahead of the holiday.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) gained 16.72 points, or 0.24 percent, reaching 6,977.07 as of 1120 a.m., after initially opening 0.47 percent lower. The market is set to be closed on Monday for a national holiday.
Overnight in the United States, stocks experienced modest gains as benchmark Treasury yields eased from their recent multi-decade highs. However, these gains were limited by the rise in crude oil prices. The Dow Jones Industrial Average rose 0.04 percent, the S&P 500 increased by 0.19 percent, and the Nasdaq composite added 0.04 percent.
In the Seoul market, major stocks showed mixed performance. Samsung Electronics, the top market cap, inched up by 0.09 percent, and chip manufacturer SK hynix saw a 0.44 percent increase. Conversely, SK Square, the parent company of SK hynix, fell by 0.43 percent, and Samsung Electro-Mechanics, an affiliate of Samsung Electronics, slipped by 0.13 percent.
The Korean won was trading at 1,359 won against the U.S. dollar at 1120 a.m., marking an increase of 0.6 won from the previous session's close.