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S. Korean shares trade higher in late morning trade

All News 11:34 March 14, 2016

SEOUL, March 14 (Yonhap) -- South Korean shares traded higher late Monday morning as investors picked up undervalued technology and financial stocks, offsetting losses in steelmakers and logistics firms.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.30 points, or 0.22 percent, to 1975.71 as of 11:20 a.m.

The broader index opened higher buoyed by investors' increased appetite for risky assets in emerging markets following last week's gains on Wall Street. But it pared earlier gains.

On Friday, the Dow Jones industrial average advanced 1.28 percent to 17,213.31. The tech-heavy Nasdaq also climbed 1.85 percent to 4,748.47.

Among lead gainers, bellwether Samsung Electronics gained 1.68 percent, Samsung Life Insurance climbed 4.15 percent and LG Chem was up 1.85 percent.

In contrast, top steelmaker POSCO lost 3.43 percent, and No.2 player Hyundai Steel shed 1.92 percent. Leading automaker Hyundai Motor was down 0.34 percent.

The local currency was trading at 1,187.90 won against the U.S. dollar, up 5.20 won from Friday's close.


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