SEOUL– South Korean stocks turned to gains late Monday morning as the top financial stock, Kakao Bank, surged more than 20 percent on the second day of its market debut.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 2.58 points, or 0.08 percent, to 3,272.94 points as of 11:20 a.m.
The KOSPI got off to a weak start as U.S. jobs data in July logged a steeper hike than the market consensus, fueling investor worries that the U.S. Fed may pivot from its dovish stance and consider accelerating its timeline for a rollback of its accommodative policies.
The key stock index rebounded in the late morning, largely as top financial cap Kakao Bank skyrocketed 23.5 percent. The online bank unit of mobile messenger app Kakao Talk went public Friday.
Most large caps traded mixed, while bank and financial shares advanced.
Market bellwether Samsung Electronics added 0.74 percent, while No. 2 chipmaker SK hynix moved down 1.27 percent.
Internet portal operator Naver advanced 0.79 percent, with its rival Kakao gaining 2.06 percent on its financial unit’s surge.
Giant pharmaceutical firm Samsung Biologics edged down 0.22 percent, and top automaker Hyundai Motor declined 0.9 percent.
The local currency was trading at 1,144.8 won against the U.S. dollar, down 2.7 won from the previous session’s close.
Source: Yonhap News Agency