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Seoul stocks up late Friday morning on bargain hunting

All News 11:47 January 31, 2020

SEOUL, Jan. 31 (Yonhap) -- South Korean stocks continued to trade higher late Friday morning, as investors bet on bargains despite rising concerns over the spread of the new coronavirus.

The benchmark Korea Composite Stock Price Index had fallen 7.68 points, or 0.36 percent, to 2,155.68 as of 11:20 a.m.

Investors scooped up undervalued shares, after the market nosedived more than 3 percent earlier this week on jitters over the novel virus.

South Korea reported its seventh new coronavirus case Friday as the country is struggling to contain the rapid spread of the new coronavirus with enhanced quarantine efforts.

Top tech giant Samsung Electronics increased 1.05 percent and LG Display rose 4.41 percent.

No. 2 chipmaker SK hynix rose 2.45 percent despite the company saying it swung to a loss in the fourth quarter from a year earlier due to a slump in the memory chip sector.

Logistics firms also gathered ground, with Hyundai Glovis rising 2.03 percent and CJ Logistics moving up 1.4 percent. Top carrier Korean Air advanced 1.68 percent.

The local currency was trading at 1,185.55 won against the U.S. dollar, down 0.55 won from the previous session's close.

colin@yna.co.kr
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