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Seoul stocks rebound late Wednesday morning

All News 11:29 June 10, 2020

SEOUL, June 10 (Yonhap) -- Seoul stocks traded higher late Wednesday morning after opening slightly lower as investors sat on the sidelines ahead of the release of the Federal Open Market Committee (FOMC) meeting results.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.79 points, or 0.36 percent, to 2,196.71 as of 11:20 a.m.

Seoul shares gathered ground as investors were mostly buoyed by the reopening of businesses across the globe, including the United States, amid the new coronavirus pandemic.

The growth, however, was limited, as retail investors also cashed in recent profits after the main bourse closed higher for an eighth consecutive session a day earlier.

In Seoul, major blue chips gathered ground.

Market kingpin Samsung Electronics advanced 0.36 percent, and No. 2 chipmaker SK hynix moved up 1 percent.

Leading chemical firm LG Chem advanced 1.62 percent, while top oil refiner SK Innovation shed 0.8 percent.

No. 2 air carrier Asiana Airlines moved down 1.91 percent, with the firm's top shareholder Kumho Industrial losing 3.66 percent on HDC Hyundai Development's call for a renegotiation over its planned acquisition of the flight operator.

The local currency was trading at 1,193.90 won against the U.S. dollar, up 3.80 won from the previous session's close.

colin@yna.co.kr
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