SEOUL– South Korean stocks traded higher late Monday morning as investor sentiment was buoyed by falling oil prices and signs of a global economic recovery despite woes over the U.S.’s monetary tightening and the Ukraine crisis.
The benchmark Korea Composite Stock Price Index (KOSPI) had increased 8.65 points, or 0.32 percent, to trade at 2,748.50 points as of 11:20 a.m.
The market opened lower amid lingering uncertainties over Russia’s invasion of Ukraine and the U.S. Federal Reserve’s monetary tightening.
But the index rebounded, as global oil prices fell on the U.S.’ release of oil reserves and positive data on U.S. employment raised hope for a global economic recovery.
Individual investors picked up shares, offsetting selling by institutions and foreigners.
Major tech and steel shares led the upturn.
Market bellwether Samsung Electronics rose 0.29 percent, and key battery maker LG Energy Solution advanced 0.58 percent. Top steelmaker POSCO Holdings went up 1.56 percent.
But bio heavyweight Samsung Biologics fell 0.85 percent, and mobile messenger operator Kakao shed 1.89 percent.
The local currency was trading at 1,217.5 won against the U.S. dollar, down 2.0 won from the previous session’s close.
Source: Yonhap News Agency