SEOUL– Seoul stocks traded over 1 percent higher late Wednesday morning on a gain in chip and tech shares.
The benchmark Korea Composite Stock Price Index (KOSPI) had risen 24.63 points, or 1.11 percent, to 2,243.31 points as of 11:20 a.m.
The KOSPI opened lower following declines on Wall Street overnight but soon turned higher, led by chipmakers.
Investors’ appetite for the sector improved following the government’s announcement Tuesday that it would increase tax benefits for local industry players.
Market bellwether Samsung Electronics added 3.43 percent, while No. 2 chipmaker SK hynix jumped 6.2 percent.
Battery shares traded lower after Tesla Inc. tumbled on Wall Street following its lower-than-expected fourth-quarter electric vehicle delivery results. Industry leader LG Energy Solution dipped 1.59 percent, and rechargeable battery maker Samsung SDI declined 2.31 percent.
Portal operator Naver advanced 2.24 percent, and messenger app operator Kakao was up 3.38 percent.
The Korean won was trading at 1,276.2 won against the greenback as of 11:20 a.m. down 5.2 won from the previous session’s close.
Source: Yonhap News Agency