Seoul shares slightly up late morning

SEOUL– South Korean shares traded higher late Monday morning amid lingering concerns that the global economy is teetering on the brink of a recession.

The Korea Composite Stock Price Index had risen 7.02 points, or 0.29 percent, to 2,400.16 as of 11:20 a.m.

The index opened higher earlier in the morning as foreigners and institutions went on a buying mode.

Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decreased 1.87 percent, and the S&P 500 dropped 0.93 percent. But all three major indexes closed out the week higher than the previous week.

In Seoul, big-cap shares traded mixed.

Market bellwether Samsung Electronics rose 0.49 percent, and No. 2 chipmaker SK hynix remained flat.

No. 1 carmaker Hyundai Motor gained 2.62 percent, and its affiliate Kia also added 1.85 percent, following solid second-quarter earnings results last week.

Samsung Biologics gained 0.12 percent, and pharmaceutical company Celltrion went up 2.23 percent.

Battery giant LG Energy Solution lost 0.49 percent, and major chemical firm LG Chem declined 1.07 percent.

The local currency was trading at 1,309.50 won against the U.S. dollar, up 3.5 won from the previous session’s close.

Source: Yonhap News Agency

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