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Seoul stocks up on U.S. Fed's cautious stance

All News 11:28 August 30, 2021

SEOUL, Aug. 30 (Yonhap) -- South Korean stocks traded in positive terrain late Monday morning as investors are relieved by the U.S. Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.59 points, or 0.27 percent, to trade at 3,142.49 points as of 11:20 a.m.

The KOSPI advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separately from raising interest rates.

The key stock index trimmed part of its earlier gains in the late morning on foreign selling.

Steel, transportation and tech companies advanced, while bank shares traded bearish.

Market bellwether Samsung Electronics gained 0.4 percent, and No. 2 chipmaker SK hynix added 0.48 percent.

Internet portal operator Naver moved up 1.07 percent, but giant pharmaceutical firm Samsung Biologics lost 0.84 percent. Steelmaker POSCO jumped 3.33 percent.

Top automaker Hyundai Motor advanced 1.2 percent, while leading chemical firm LG Chem shed 1.02 percent. Top bank stock Kakao Bank retreated 2.15 percent.

The local currency was trading at 1,164.1 won against the U.S. dollar, up 5.1 won from the previous session's close.


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