Seoul shares rebound late Mon. morning on battery, steel gains

South Korean stocks turned higher late Monday morning on the back of strong gains in major battery and steel shares amid expectations for further industry growth.

The benchmark Korea Composite Stock Price Index (KOSPI) had added 15.22 points, or 0.58 percent, to 2,624.98 as of 11:20 a.m.

The index opened lower on big-cap tech losses ahead of the release of major corporate earnings reports, but solid gains by battery and steel companies led the market upturn.

Retail investors' strong purchases offset selling by institutional and foreign investors.

Top-cap Samsung Electronics added 0.28 percent, and leading battery maker LG Energy Solution jumped 4.04 percent. LG Chem climbed 3.46 percent.

POSCO Holdings surged 15.61 percent as its quarterly earnings met market expectations, and POSCO Future M soared 8.46 percent.

Samsung SDI rose 2.04 percent, and SK Innovation advanced 8.72 percent.

But SK hynix sank 0.96 percent.

Carmakers also fell, with top automaker Hyundai Motor dropping 0.5 percent and Kia going down 0.95 percent.

Major bio firm Samsung Biologics decreased 1.2 percent, and Celltrion retreated 2.19 percent.

Internet giant Naver lost 1.46 percent, and Kakao, the operator of the popular mobile messenger KakaoTalk, tumbled 1.58 percent.

The local currency was changing hands at 1,284.15 won against the U.S. dollar as of 11:20 a.m., down 0.75 won from the previous session's close.

Source: Yonhap News Agency

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