SEOUL– South Korean stocks bounced back to gains late Thursday morning on foreign buying, after a weak start amid worries of the spreading virus.
The benchmark Korea Composite Stock Price Index (KOSPI) added 19.09 points, or 0.66 percent, to 2,918.81 points as of 11:20 a.m.
Volatility was high in the early morning, tracking overnight losses on Wall Street that stemmed from worries about the global outbreaks of the omicron variant of the coronavirus.
The Dow Jones Industrial Average retreated 1.34 percent, and the tech-heavy Nasdaq composite declined 1.83 percent, as the first case of the omicron variant in the United States worsened investor sentiment in the global financial markets.
The key stock index gained ground in the late morning, as foreign investors scooped up local stocks on anticipation of potential stock price hikes.
Strong advances by chipmakers and automakers led the KOSPI’s gain, while financial heavyweights retreated.
Market bellwether Samsung Electronics gained 1.08 percent, and No. 2 chipmaker SK hynix jumped 3 percent.
Leading carmaker Hyundai Motor declined 0.5 percent, with its smaller affiliate Kia climbing 0.37 percent. Internet portal operator Naver moved up 1.54 percent.
Among losers, pharmaceutical giant Samsung Biologics lost 0.34 percent, and electric car battery maker LG Chem declined 0.42 percent.
The local currency was trading at 1,177.65 won against the U.S. dollar, up 1.55 won from the previous session’s close.
Source: Yonhap News Agency