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Seoul stocks trade higher late Friday morning

All News 11:34 June 07, 2019

SEOUL, June 7 (Yonhap) -- South Korean stocks traded higher late Friday morning on cautious hopes of eased trade tension between the United States and Mexico, supported by institutional buying.

The benchmark Korea Composite Stock Price Index (KOSPI) added 6.96 points, or 0.34 percent, to reach 2,076.07 as of 11:20 a.m.

The index opened lower on continued foreign selloffs, but it rebounded in the late-morning session as institutions switched to a buying mode.

Wall Street shares climbed on Thursday on reports that Washington may delay tariffs on Mexican imports due for Monday, but the White House said after the closing bell that the tariffs would go ahead as planned.

Tech shares were up. Market behemoth Samsung Electronics edged up 0.68 percent, and major chipmaker SK hynix rose 0.92 percent.

In contrast, telecom and steel shares were bearish.

LG Uplus, the nation's No. 3 carrier, sank 2.78 percent on concerns over its use of Huawei equipment for its 5G base stations, and leading steelmaker POSCO declined 1.68 percent.

The local currency was changing hands at 1,178.3 won against the U.S. dollar, up 0.3 won from the previous session's close.


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