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S. Korean shares up in late morning trade

All News 11:35 July 15, 2016

SEOUL, July 15 (Yonhap) -- South Korean shares edged up in late morning trade Friday on continued foreign buying.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.74 points, or 0.63 percent, to 2,021.51 as of 11:20 a.m.

Foreign traders purchased a net 192 billion won (US$169 million) worth of shares, while individuals and institutional investors were net sellers.

It's boosted by external factors such as additional positive data on the U.S. economy and a global monetary easing mood, market watchers said.

The U.S. Producer Price Index (PPI) for final demand climbed 0.5 percent in June, according to the Department of Labor. The Bank of England kept interest rates on hold but hinted at a stimulus measure in August.

"That the Bank of England left the possibility open for monetary easing is not bad for the global stock market," Han Dae-hoon, an analyst at SK Securities Co., said.

Most major industries were in positive terrain.

Top cap Samsung Electronics Co. gained 1.2 percent, and leading automaker Hyundai Motor Co. also added 1.14 percent.

Naver Corp., the No. 1 Internet service provider, lost 2.59 percent on profit-taking after the successful debut overnight of its Japanese subsidiary Line Corp. on Wall Street.

The shares of the global chat app operator, which were priced at US$32.84 each, surged 26.6 percent to finish at $41.58.

It also went public on the Tokyo Stock Exchange on Friday, starting trade at 4,900 yen (US$46), up 48.5 percent from the initial public offering price of 3,300 yen.

South Korea's won was trading at 1,132.95 won against the U.S. dollar, up 4.45 won from the previous session's close.


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