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Seoul stocks up late Monday morning

All Headlines 11:33 June 11, 2018

SEOUL, June 11 (Yonhap) -- South Korean stocks traded higher Monday morning as investors picked up shares linked to inter-Korean economic projects ahead of a historic summit between the United States and North Korea.

The benchmark Korea Composite Stock Price Index (KOSPI) added 6.7 points, or 0.27 percent, to 2,458.28 as of 11:20 a.m.

After opening slightly higher, the index fluctuated between positive and negative territory, as investors are closely monitoring the diplomatic developments surrounding North Korea on the eve of the talks between U.S. President Donald Trump and the communist country's leader, Kim Jong-un, in Singapore.

Solid gains in steelmakers, electric firms and construction, however, led to a market upturn as those sectors are widely expected to enjoy benefits from the much-anticipated resumption of cross-border development projects amid a growing peace mood involving the North.

Top steelmaker POSCO rose 1.94 percent, and its smaller rival Hyundai Steel advanced 0.82 percent. Hyundai Construction surged 2.68 percent, and Hyundai Cement spiked 7.54 percent.

Semiconductor makers also saw bullish trade on the back of a positive earnings outlook for the second quarter. Tech giant Samsung Electronics rose 0.50 percent, and SK hynix, a major chipmaker, jumped 0.79 percent.

But losses in carmakers and bio shares limited the upward swing, with No. 1 carmaker Hyundai Motor losing 1.06 percent and pharmaceutical giant Celltrion shedding 0.19 percent.

The local currency was changing hands at 1,072.7 won against the U.S. dollar, down 3.2 won from the previous session's close.


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