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Seoul shares up late Fri. morning on dip-buying

All News 11:42 September 02, 2022

SEOUL, Sept. 2 (Yonhap) -- South Korean shares traded 0.25 percent higher late Friday morning as investors picked up battered tech and bio shares amid lingering concerns over the U.S. central bank's aggressive monetary tightening.

The Korea Composite Stock Price Index had risen 6.04 points to 2,421.65 as of 11:20 a.m.

Retail investors went on a net buying mode, following a big drop in the previous session, while institutions and foreigners sold shares.

Overnight, U.S. shares ended mixed. The Dow Jones Industrial Average rose 0.46 percent, while the tech-heavy Nasdaq shed 0.26 percent.

Eyes are on the U.S. payroll data for August due on Friday (U.S. time), as the job report is one of the key factors for the Federal Reserve's monetary policy.

The Fed has said it will continue interest rate hikes for some time to curb inflation. In July, the Fed raised its key interest rate by 75 basis points for the second straight month.

Large-cap stocks in Seoul traded mixed.

Market bellwether Samsung Electronics lost 0.34 percent, and No. 2 chipmaker SK hynix shed 0.11 percent.

But leading car battery maker LG Energy Solution surged 2.70 percent, and Samsung SDI added 1.39 percent.

Bio shares were also mixed, with Samsung Biologics growing 1.82 percent and pharmaceutical giant Celltrion shedding 0.80 percent.

Carmakers gathered ground. Hyundai Motor went up 1.53 percent, and its smaller affiliate Kia added 1.0 percent.

The local currency was trading at 1,356.35 won against the U.S. dollar, down 1.45 won from the previous session's close.


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