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Seoul stocks edge up late Tuesday morning

All News 11:30 January 09, 2018

SEOUL, Jan. 9 (Yonhap) -- South Korean stocks traded a tad higher late Tuesday morning as a continued rally in Wall Street bolstered optimism for riskier assets in the local market.

The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.56 points, or 0.1 percent, to 2,515.84 as of 11:20 a.m.

Local shares took a cue from Wall Street as major market indices rose for a fifth straight day Monday on hopes for a corporate tax cut.

Tech shares were mixed ahead of the corporate earnings season.

Top market cap Samsung Electronics retreated 1.92 percent on a weaker-than-expected earnings estimate for the fourth quarter as the strong local currency was expected to erode profits from the global chip boom.

SK hynix, a major chipmaker, fell 0.38 percent, while No. 2 tech firm LG Electronics advanced 2.86 percent.

Leading automaker Hyundai Motor remained unchanged, and top chemical firm LG Chem increased 0.71 percent.

The local currency was trading at 1,066.4 won against the U.S. dollar, down 0.4 won from the previous session's close.

ejkim@yna.co.kr
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