Seoul stocks bounce back on eased Mideast woes

SEOUL, Jan. 7 (Yonhap) -- South Korean stocks were sharply up late Tuesday morning as investors went for bargains on eased Mideast concerns.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 23.22 points, or 1.08 percent, to reach 2,178.29 as of 11:20 a.m.

On Monday, the index plunged nearly 1 percent on growing tensions between the United States and oil-producing countries in the Middle East, including Iran and Iraq.

Global oil prices have skyrocketed since Friday, when the U.S. said it had killed the commander of an elite Iranian force in a drone strike.

The U.S. stock market, however, closed 68.50 points, or 0.24 percent, higher at 28,703.38 on Monday (New York time), with investors apparently on the hunt for bargains.

In Seoul, both foreign and institutional investors were net buyers, together purchasing a net 170 billion won (US$146 million).

Most large caps were in positive terrain.

Market kingpin Samsung Electronics spiked 1.26 percent, with No. 2 chipmaker advancing 0.64 percent.

Top pharmaceutical firm Celltrion surged 3.18 percent, while leading chemical company LG Chem added 1.47 percent.

Leading automaker Hyundai Motor was flat.

The local currency was trading at 1,165.05 won against the U.S. greenback, sharply up 7.05 won from the previous session's close.

bdk@yna.co.kr
(END)