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Seoul stocks climb late Monday morning

All News 11:39 January 08, 2018

SEOUL, Jan. 8 (Yonhap) -- South Korean stocks traded 0.28 percent higher Monday morning tracking the latest gains on Wall Street that were spurred by the U.S. tax cut package and positive economic data.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.1 points to 2,504.62 as of 11:20 a.m.

Shares across the board were in positive terrain as all three major indices on Wall Street exceeded their previous closing records Friday on growing optimism in regards to corporate tax cuts and generally upbeat jobs data.

No. 1 automaker Hyundai Motor added 0.34 percent, and Naver, the nation's leading portal operator, advanced 4.63 percent.

KB Financial, a major banking group, gained 2.81 percent.

In contrast, tech shares declined.

Market kingpin Samsung Electronics inched down 0.19 percent, and SK hynix, a major chipmaker, slipped 1.26 percent.

The local currency was trading at 1,067.0 won against the U.S. dollar, down 4.3 won from the previous session's close.


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