Seoul shares up late morning on tech, auto advances

SEOUL– South Korean stocks traded higher late Monday morning on strong advances by tech and auto heavyweights.

The benchmark Korea Composite Stock Price Index (KOSPI) had increased 16.09 points, or 0.69 percent, to 2,364.52 points as of 11:20 a.m.

Institutional and foreign investors scooped up local shares, while retail investors turned to sell-offs.

Tech and auto giants led the KOSPI’s hike after a media report that the chair of Boeing Co. met with top officials of Samsung Electronics, Hyundai Motor Group and Hanwha Solutions to discuss new business cooperation.

Market bellwether Samsung Electronics rose 1.18 percent. Top automaker Hyundai Motor jumped 3.37 percent, with its smaller affiliate Kia rising 1.99 percent.

Hanwha Aerospace fell 1.73 percent after getting off to a strong start. Chip giant SK hynix added 2.01 percent.

The South Korean currency had been changing hands at 1,410.8 won against the U.S. dollar as of 11:20 a.m., up 9.4 won from the previous session’s close.

Source: Yonhap News Agency

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