SEOUL — South Korean stocks staged a late morning rebound on Monday as investors turned to bargain hunting, specifically in technology and chemical sectors, according to analysts.
According to Yonhap News Agency, it gained 7.77 points or 0.34 percent to stand at 2,310.58 as of 11:20 a.m. local time. The market had opened lower as investors took a cautious stance in anticipation of the U.S. Federal Reserve's monetary policy meeting later this week. However, stocks recovered later in the session.
Among the companies experiencing gains, SK hynix, the country's second-largest chipmaker, rose by 1.6 percent. Battery companies also traded higher, with LG Energy Solution seeing an increase of 2.62 percent and Samsung SDI gaining 0.55 percent. In the chemical sector, LG Chemical advanced 1.37 percent, and SK Innovation rose by 0.4 percent. S-Oil, an oil refining company, saw its stock increase by 1.02 percent.
The local currency, the won, was trading at 1,351.80 against the U.S. dollar as of 11:20 a.m., up by 4.1 won from the close of the previous trading session.