SEOUL– South Korean stocks swung to gains late Friday morning, led by foreign and institutional buying.
The benchmark Korea Composite Stock Price Index (KOSPI) edged up 3.92 points, or 0.13 percent, to 3,010.33 points as of 11:20 a.m.
Stocks rebounded from earlier losses that stemmed from an overnight stock plunge on Wall Street.
Overnight, the tech-heavy Nasdaq composite shed 2.47 percent over the Fed’s move to double the pace of its stimulus withdrawal and projections of three rate hikes next year. The Dow Jones Industrial Average slipped 0.08 percent.
Most large caps traded lower in Seoul, while steel and bank heavyweights advanced.
Market bellwether Samsung Electronics lost 0.26 percent, and No. 2 chipmaker SK hynix decreased 2.02 percent.
Internet portal operator Naver retreated 0.65 percent, leading chemical firm LG Chem fell 1.13 percent, and pharmaceutical giant Samsung Biologics shed 0.94 percent.
Among gainers, top bank cap Kakao Bank advanced 0.48 percent, and financial heavyweight KB Financial Group increased 2.3 percent. Steelmaker POSCO added 2.12 percent.
The local currency was trading at 1,185.65 won against the U.S. dollar, down 1.75 won from the previous session’s close.
Source: Yonhap News Agency