SEOUL, - Late Friday morning saw a surge in South Korean stocks, bouncing back after a market slump in the previous session. The technology sector led the rise.
According to a new release by Yonhap News Agency, the index rose 19.02 points, equivalent to an increase of 0.83 percent, and stood at 2,318.10 as of 11:20 a.m. local time. This came after a poor performance in the U.S. market, where all three major indexes closed lower due to disappointing earnings in the tech industry. Despite this, the U.S. economy showed a 4.9 percent expansion in the third quarter, its strongest growth in almost two years, spurred by consumer spending.
In Seoul, large-cap shares displayed a mixed performance. Samsung Electronics, a market bellwether, saw a 0.45 percent gain, while SK hynix, the country's second-largest chipmaker, dropped by 1.33 percent.
Battery stocks traded positively, with LG Energy Solution rising by 2 percent, Samsung SDI surging 6.74 percent, and POSCO Future M increasing by 3.21 percent. LG Chem, a leading chemical producer, jumped 4.34 percent, and steel company POSCO Holdings advanced 1.78 percent.
In the realm of information technology, Naver rose 1.98 percent, and Kakao, which operates the country's leading mobile messaging app, gained 0.8 percent.
Automobile shares had a mixed showing. Hyundai Motor fell 0.11 percent, but its smaller affiliate Kia Motors increased 1.23 percent, and auto parts manufacturer Hyundai Mobis surged 3.94 percent.
Bio stocks witnessed declines, with Samsung Biologics and Celltrion dropping 0.14 percent and 0.33 percent respectively.
The local currency was trading at 1,349.90 won against the U.S. dollar as of 11:20 a.m., showing an increase of 10.1 won from the previous session's close.