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Seoul shares up 1 pct in late morning trades

All News 11:28 January 25, 2016

SEOUL, Jan. 25 (Yonhap) -- South Korean stocks traded 0.99 percent higher late Monday morning as global policymakers' pledge of more support for the economy and a recovery in oil prices eased lingering woes over a financial meltdown.

The benchmark Korea Composite Stock Price Index (KOSPI) added 18.69 points to 1,898.12 as of 11:20 a.m.

Investors who had been jittery over China's slowdown and its possible impact on the global market picked up bargains on hopes of possible quantitative easing by Europe and Japan, analysts said.

Their appetite for risky assets was also boosted by Friday's rebound in oil prices due mainly to a cold snap in Europe and the U.S., they noted.

Institutions led the gains, effectively offsetting the sell-off by retail and foreign traders.

Most of the stocks were in positive terrain, with chemicals and steelmakers logging marked gains.

Industry leader LG Chem surged 2.14 percent and No. 1 steelmaker POSCO jumped 4.66 percent.

But market bellwether Samsung Electronics traded 0.2 percent lower, and top automaker Hyundai Motor tumbled 1.08 percent.

The local currency was trading at 1,193.3 won against the U.S. dollar as of 11:20 a.m., up 6.8 won from Friday's close.

graceoh@yna.co.kr

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