SEOUL-- South Korean stocks traded 1.39 percent higher late Thursday morning, buoyed by gains in large-cap steelmakers and chemical companies.
The Korea Composite Stock Price Index (KOSPI) had soared 34.52 points to 2,515.40 as of 11:20 a.m.
The market got off to a strong start and maintained the momentum through the morning, taking a cue from overnight rallies on Wall Street driven mostly by the announcement of improved U.S. inflation data.
The U.S. consumer price index (CPI) rose 8.5 percent in July, a slowdown from the 9.1 percent gain for June that marked the highest increase in four decades. It was also slower than market expectations.
Steel giant POSCO Holdings advanced more than 3 percent and leading chemical maker LG Chem rose 1.4 percent. POSCO Chemical, a battery and advanced materials manufacturer, soared nearly 4 percent.
Top-cap Samsung electronics was up more than 1 percent.
Insurance companies lost ground amid the recovery under way in South Korea after the record rainfalls. Samsung Life Insurance was down 0.7 percent, and Samsung Fire & Marine Insurance slipped almost 1 percent.
The local currency was changing hands at 1,302.50 won against the greenback as of 11:20 a.m., up 7.9 won from Wednesday's close.
Source: Yonhap News Agency