Seoul: South Korean stocks traded higher late Wednesday morning, led by gains in auto and bio shares amid institutional buying. The benchmark Korea Composite Stock Price Index (KOSPI) had added 42.82 points, or 0.81 percent, to 5,344.51 as of 11:20 a.m.
According to Yonhap News Agency, the index opened lower after weaker-than-expected U.S. retail sales data raised concerns over an economic slowdown, while comments from some Federal Reserve officials dampened hopes for interest rate cuts. However, the market later rebounded on solid institutional buying, which offset selling by retail and foreign investors. Investors welcomed the news that the country's exports jumped 44.4 percent on-year in the first 10 days of February, driven by strong demand for semiconductors.
Top-cap shares showed mixed results. Market bellwether Samsung Electronics increased 0.24 percent, while chip giant SK hynix lost 0.91 percent. Top automaker Hyundai Motor surged 4.68 percent, and its sister affiliate Kia soared 3.75 percent. Bio giant Samsung Biologics rose 0.53 percent, and Celltrion spiked 4.62 percent. Leading battery maker LG Energy Solution edged up 0.13 percent, while artificial intelligence (AI) investment firm SK Square slid 1.29 percent.
Nuclear power plant builder Doosan Enerbility gained 1.38 percent, while defense giant Hanwha Aerospace fell 0.79 percent. Leading shipbuilder HD Hyundai Heavy increased 0.37 percent, while its rival Hanwha Ocean dipped 0.46 percent. KB Financial jumped 4.12 percent, and Shinhan Financial advanced 2.76 percent.
The Korean won was trading at 1,456.1 won against the U.S. dollar as of 11:20 a.m., up 3.1 won from the previous session.