Seoul: South Korean stocks traded markedly higher late Friday morning, hovering over the record high 5,700 level, despite geopolitical risks and market uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) added 74.04 points, or 1.3 percent, to 5,751.29 as of 11:20 a.m.
According to Yonhap News Agency, despite overnight losses on Wall Street, the index opened at a record high, breaching the 5,700-point mark for the first time ever, and maintained its upward momentum on buying by retail and institutional investors. U.S. shares lost ground on Thursday amid fears that a standoff between the United States and Iran over Tehran's nuclear program may escalate. Also affecting investor sentiment was the announcement by U.S. private market and alternative assets manager Blue Owl Capital that it is going to tighten investor liquidity.
The KOSPI has been on a bull run in recent sessions and set a new closing record of 5,677.25 on Thursday, driven by strong gains in chipmakers amid optimism surrounding artificial intelligence (AI) and rising prospects for the passage of an investor-friendly revision to the commercial law. Market bellwether Samsung Electronics shed 0.37 percent on profit-taking, while chip giant SK hynix surged 2.91 percent.
Top automaker Hyundai Motor went down 0.97 percent, while its sister affiliate Kia shed 0.24 percent. Leading battery maker LG Energy Solution fell 0.5 percent, and AI investment firm SK Square sank 0.88 percent. Bio shares traded mixed, with pharmaceutical giant Samsung Biologics going up 0.64 percent, while Celltrion dipped 1.02 percent.
Nuclear power plant builder Doosan Enerbility surged 5.79 percent, and defense giant Hanwha Aerospace spiked 5.4 percent. Leading shipbuilder HD Hyundai Heavy and its rival Hanwha Ocean advanced 2.44 percent and 2.13 percent, respectively. Financials gathered ground, with KB Financial adding 1.32 percent, and Shinhan Financial growing 0.4 percent. Samsung Life Insurance soared 4.31 percent, and Mirae Asset Securities climbed 2.98 percent.
The Korean won was trading at 1,449.55 won against the U.S. dollar as of 11:20 a.m., down 4.05 won from the previous session.