Seoul stocks edge up late Fri. morning on easing U.S. uncertainties, earnings hope

SEOUL, Oct. 8 (Yonhap) -- South Korean stocks traded a tad higher late Friday morning on easing concerns of the debt ceiling impasse in the United States and hopes of robust third-quarter earnings by local companies.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.48 points, or 0.12 percent, to 2,962.94 points as of 11:20 a.m.

The key stock index pared part of its gains in the late morning, with investors eyeing the U.S. jobs data that will be released Friday in U.S. time.

The KOSPI got off to a strong start after overnight Wall Street gains, as a temporary resolution of the debt-ceiling tussle is due for a vote in Washington.

Overnight, the tech-heavy Nasdaq composite advanced 1.05 percent, and the S&P 500 moved up 0.83 percent. The Dow Jones Industrial Average climbed 0.98 percent.

Expectations of strong third-quarter corporate earnings also boosted the investor sentiment, as KOSPI's top cap Samsung Electronics Co. is expected to post record sales in the third quarter, apparently buoyed by its semiconductor business.

In Seoul, Samsung Electronics added 0.28 percent, but No. 2 chipmaker SK hynix retreated 1.88 percent.

Internet portal operator Naver lost 1.02 percent, but pharmaceutical giant Samsung Biologics increased 0.86 percent.

Top automaker Hyundai Motor gained 1.99 percent, and leading chemical firm LG Chem jumped 3.66 percent.

The local currency was trading at 1,192.8 won to the U.S. dollar, down 2.4 won from the previous session's close.

jwc@yna.co.kr
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