Seoul stocks edge up late Friday morning

SEOUL, June 1 (Yonhap) -- South Korean stocks traded higher Friday morning on the back of foreign buying.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.15 points, or 0.71 percent, to 2,440.16 as of 11:20 a.m.

Market kingpin Samsung Electronics was 1.18 percent up.

Bio shares had a bullish morning, with pharmaceutical giant Celltrion advancing 2.45 percent.

Samsung Biologics jumped 4.83 percent after financial authorities wrapped up reviewing the firm's alleged accounting irregularities the previous day. Details of the review were not disclosed due to a confidentiality agreement.

The results will be delivered to a sub-commission under the Financial Services Commission which will hold a meeting next week in a bid to reach a final ruling.

Leading steelmaker POSCO gained 0.59 percent, and Naver, the country's top portal operator, added 1.49 percent.

SK hynix, a major chipmaker, was down 1.82 percent, and No. 1 carmaker Hyundai Motor remained unchanged.

The local currency was trading at 1,075.60 won against the U.S. dollar, up 2.1 won from the previous session's close.

scaaet@yna.co.kr
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