Seoul stocks up late Wed. morning on eased concerns over oil prices

SEOUL– South Korean stocks stretched their gains late Wednesday morning, tracking overnight rallies on Wall Street that stemmed from a plunge in oil prices.

The benchmark Korea Composite Stock Price Index had risen 21.76 points, or 0.83 percent, to 2,643.29 points as of 11:20 a.m.

Overnight, the tech-heavy Nasdaq composite surged 2.92 percent, and the Dow Jones Industrial Average advanced 1.8 percent, largely as oil prices dipped below US$100 a barrel amid talks between Russia and Ukraine.

Investors closely watch the U.S. Federal Reserve’s decision on a possible rate hike at the U.S. Federal Open Market Committee (FOMC) meeting this week.

Market bellwether Samsung Electronics added 0.72 percent, and No. 2 chipmaker SK hynix gained 2.67 percent.

Internet portal operator Naver slipped 0.92 percent, and top carmaker Hyundai Motor climbed 2.76 percent. Bio heavyweight Samsung Biologics increased 1.60 percent.

The local currency was trading at 1,241.30 won against the U.S. dollar, up 1.50 won from the previous session’s close.

Source: Yonhap News Agency

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