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Seoul shares up 1.28 pct late Wednesday morning

All News 11:39 December 12, 2018

SEOUL, Dec. 12 (Yonhap) -- South Korean stocks traded higher late Wednesday morning, as hopes for eased trade friction between the United States and China whetted investors' appetite for risk, analysts said.

The benchmark Korea Composite Stock Price Index added 26.21 points, or 1.28 percent, to reach 2,079.18 as of 11:20 a.m.

The index opened higher and extended gains further on solid buying by institutions.

Despite mixed results overnight on Wall Street, the latest developments regarding the trade spat between Washington and Beijing is coming into focus for investors here.

The chief financial officer of China's telecom giant Huawei has been granted bail in Canada after being detained early this month on fraud charges, according to news reports.

Most big-cap shares in Seoul traded higher, with tech and auto shares leading the market advance.

Market bellwether Samsung Electronics rose 0.87 percent, and SK hynix increased 0.46 percent.

Leading automaker Hyundai Motor spiked 8.97 percent, and Kia Motors advanced 4.3 percent.

Big-cap bio shares were mixed. Pharmaceutical giant Celltrion soared 3.41 percent on bargain hunting, while Samsung BioLogics lost 1.02 percent following a surge in the previous session.

The South Korean currency was trading at 1,127.60 won against the U.S. dollar, up 2.5 won from the previous session's close.


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