SEOUL– South Korean stocks traded higher late Friday morning, as investors sought to buy oversold stocks after the key index’s three straight days of losses.
The benchmark Korea Composite Stock Price Index (KOSPI) had risen 9.42 points, or 0.32 percent, to 2,956.8 points as of 11:20 a.m.
Tech, auto and bio stocks led the market advance.
Top cap Samsung Electronics added 0.43 percent, and No. 2 chipmaker SK hynix increased 0.91 percent.
Pharmaceutical giant Samsung Biologics jumped 4.16 percent after South Korea’s new coronavirus cases stayed above 3,000 for a third consecutive day.
LG Electronics surged 6.53 percent following reports that LG Magna e-Powertrain, LG Electronics’ joint venture with Canadian auto part maker Magna International Inc., may supply parts to the electric car that is being developed by U.S. tech giant Apple Inc.
Leading automaker Hyundai Motor moved up 2.2 percent, while electric car battery maker LG Chem lost 2.71 percent.
The local currency was trading at 1,184 won against the U.S. dollar, down 3.6 won from the previous session’s close.
Source: Yonhap News Agency