Seoul: South Korean stocks were trading higher late Thursday morning, inches away from another historic milestone of 8,000, with large-cap shares showing mixed direction. After starting 0.38 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) had added 53.17 points, or 0.68 percent, to 7,897.18 as of 11:20 a.m. The KOSPI had risen as high as 7991.04 at one point.
According to Yonhap News Agency, the KOSPI kicked off bullish, tracking overnight tech gains in major U.S. indexes. The tech-heavy Nasdaq composite closed 1.2 percent higher, and the S and P 500 added 0.58 percent, both reaching new highs, while the Dow Jones Industrial Average lost 0.14 percent. Wall Street was uplifted by news that chiefs from artificial intelligence (AI) chip giant Nvidia, Tesla, Apple, and other major tech companies joined U.S. President Donald Trump’s state visit to China, on expectations that tension between the world’s two largest economies could decrease after the leaders’ summit.
Despite concerns over a faster-than-expected rise in U.S. producer prices, a key gauge of inflation, in April and lingering woes over little progress in peace talks between the U.S. and Iran, the U.S. market remained buoyant. Market top-cap Samsung Electronics jumped 3.17 percent, while its chipmaking rival SK hynix turned lower, losing 0.4 percent.
Leading battery maker LG Energy Solution gained 1.4 percent, and Samsung Electro-Mechanics added 0.35 percent. Samsung Life Insurance climbed 3.92 percent, and KB Financial expanded 0.72 percent. Meanwhile, top automaker Hyundai Motor was down 0.7 percent, and its sister company Kia lost 1.45 percent. However, its auto parts-making affiliate Hyundai Mobis went up 1.54 percent.
Major shipbuilder HD Hyundai Heavy plunged 7.37 percent, and power plant manufacturer Doosan Enerbility slipped 2.92 percent. Electrical shares also lost ground, with HD Hyundai Electric sliding 2.03 percent and LS Electric dropping 1.93 percent. AI investment firm SK Square also lost 1.93 percent.
The Korean won was trading at 1,491.9 won against the U.S. dollar at 11:20 a.m., down 1.3 won from the previous session.