Seoul: South Korean stocks traded higher late Thursday morning, led by tech and auto gains amid hopes for an exemption from U.S. tariffs. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.03 points, or 0.86 percent, to 2,570.42 as of 11:20 a.m. The index opened higher and had risen further on solid buying by institutional investors.
According to Yonhap News Agency, U.S. shares ended mixed Wednesday, as strong inflation data led to speculation that the Federal Reserve would delay interest rate cuts. In Seoul, market bellwether Samsung Electronics added 0.18 percent, and chip giant SK hynix surged 1.81 percent. Leading battery maker LG Energy Solution jumped 3.1 percent.
Carmakers traded bullish on news that U.S. House of Representatives Speaker Mike Johnson said he believes President Donald Trump is considering exemptions to reciprocal tariffs on auto and pharmaceutical industries. Top automaker Hyundai Motor climbed 4.24 percent, and its sister affiliate Kia soared 3.27 percent.
Bio shares traded mixed. Major bio firm Samsung Biologics advanced 1.3 percent, while Celltrion lost 0.11 percent. No. 1 steelmaker POSCO Holdings surged 4.34 percent following a marked fall in recent sessions. However, top portal operator Naver sank 2 percent, and leading financial firm KB Financial Group slid 1.22 percent.
The local currency was trading at 1,453.75 won against the U.S. dollar at 11:20 a.m., down 0.35 won from the previous session.