Seoul shares sharply up late Thurs. morning on auto, chemical gains

SEOUL– South Korean stocks traded nearly 1.5 percent higher late Thursday morning, driven by gains in auto and chemical gains.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 33.01 points, or 1.47 percent, to 2,282.57 as of 11:20 a.m.

Samsung affiliates advanced after the richest South Korean conglomerate formally named the heir Lee Jae-yong chairman of Samsung Electronics.

Top-cap Samsung Electronics rose 0.7 percent despite its weaker third-quarter earnings released hours earlier. Samsung C&T, considered Samsung’s holding company, also jumped nearly 5 percent.

Other market heavyweights also rose.

Steel giant POSCO Holdings also gained around 3 percent, battery maker Samsung SDI spiked more than 5 percent, and leading chemical maker LG Chem climbed about 3 percent.

Chipmaker SK hynix, in contrast, lost about 0.8 percent following its earnings shock on Wednesday.

The local currency was changing hands at 1,421.10 won against the greenback as of 11:20 a.m. up 5.5 won from Wednesday’s close.

Source: Yonhap News Agency

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