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Seoul stocks up 1 pct late Wednesday morning

Stocks 11:32 August 14, 2019

SEOUL, Aug. 14 (Yonhap) -- Seoul stocks spiked almost 1 percent late Wednesday morning as investor sentiment improved on the United States' decision to delay tariffs on some Chinese goods. The Korean won also advanced sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.87 points, or 1.08 percent, to 1,946.70 as of 11:20 a.m.

On Tuesday (local time), the U.S. announced that it would delay imposing tariffs on some imported Chinese goods that were set to go effect into next month, a move that abated tension between the world's two largest economies in their protracted trade war.

Washington said tariffs on various consumer electronics, video game consoles and certain items of footwear will be delayed until Dec. 15, giving U.S. retailers a breather to prepare for holiday shopping seasons.

Fueled by optimism over eased trade tension between the world's two largest economies, the Dow Jones industrial average advanced 1.44 percent, and the Nasdaq jumped 1.95 percent.

In Seoul, tech shares led the gains.

Market bellwether Samsung Electronics rose 1.74 percent, while No. 2 chipmaker SK hynix soared 3.49 percent.

No. 1 automaker Hyundai Motor was up 0.78 percent, while its auto parts-making affiliate Hyundai Mobis surged 1.91 percent.

POSCO, South Korea's top steelmaker, advanced 0.97 percent. LG Chem, the nation's largest chemical company, shot up 4.21 percent.

The local currency was trading at 1,212.35 won against the U.S. dollar, sharply up 9.85 won from the previous session's close.


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