Seoul: South Korean stocks traded a tad higher late Tuesday morning as investors remained cautious amid optimism stemming from a trade agreement between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) had added 9.28 points, or 0.36 percent, to 2,616.61 as of 11:20 a.m.
According to Yonhap News Agency, Wall Street finished higher driven by the Washington-Beijing trade agreement to cut reciprocal tariffs on each other for 90 days. The Dow Jones Industrial Average rose 2.81 percent, and the S and P 500 jumped 3.26 percent. The Nasdaq composite vaulted 4.35 percent.
In Seoul, chip and auto shares led the increase. Chip giant Samsung Electronics edged up 0.09 percent, and its chipmaking rival SK hynix rose 2.82 percent. Top carmaker Hyundai Motor added 0.66 percent, and its sister Kia gained 1.41 percent. However, leading battery maker LG Energy Solution dropped 1.4 percent, and No. 1 online portal operator Naver fell 0.16 percent.
The local currency was trading at 1,410.05 won against the U.S. dollar at 11:20 a.m., down 7.95 won from the previous session.