Korean shares up in late morning trading

Korean shares up in late morning trading

South Korean shares traded 0.67 percent up in late Monday morning as strong foreign buying boosted local shares.

The benchmark Korea Composite Stock Price Index scored 13.43 points to 2,029.62 as of 11:20 a.m.

Tech shares led the gains.

Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, and chip giant SK hynix advanced 1.31 percent.

Auto shares were in the positive terrain.

Industry leader Hyundai Motor increased 1.89 percent, and its sister company Kia Motors rose 1.3 percent.

In contrast, cosmetic shares slid after the customs office announced plans to limit the number of cosmetics up for duty-free sales.

Top cosmetic maker AmorePacific declined 2.45 percent, and its smaller rival LG Household & Healthcare tumbled 4.07 percent.

The local currency was changing hands at 1,112.2 won against the U.S. dollar, up 7.0 won from the previous session’s close.

Source:  http://www.koreaherald.com/view.php?ud=20160801000526

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