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Seoul stocks up late Thur. morning on tech advance

All News 11:30 October 28, 2021

SEOUL, Oct. 28 (Yonhap) -- South Korean stocks traded higher late Thursday morning on advances in tech shares, which fueled hopes of a strong earnings report season.

The benchmark Korea Composite Stock Price Index (KOSPI) added 4.89 points, or 0.16 percent, to 3,030.38 points as of 11:20 a.m.

After a muted open, stocks fluctuated in a tight range amid the tussle between the expectations of strong quarterly gains and concerns over rising price pressure.

Overnight, the Dow Jones Industrial Average lost 0.74 percent and the tech-heavy Nasdaq composite closed unchanged amid worries that the rising inflation pressure may usher in a faster-than-expected rate hike.

Market bellwether Samsung Electronics gained 0.29 percent to 70,300 won after the company reported record sales revenue in the third quarter, and No. 2 chipmaker SK hynix surged 4.43 percent to 106,000 won.

Internet portal operator Naver edged up 0.12 percent to 415,000 won, and leading car battery firm LG Chem added 2.91 percent to 849,000 won.

Among losers, Hyundai Motor, the country's largest carmaker, lost 0.7 percent to 212,000 won, and pharmaceutical giant Samsung Biologics slipped 0.11 percent to 897,000 won.

The local currency was trading at 1,172.45 won against the U.S. dollar, down 2.45 won from the previous session's close.


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