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Seoul stocks up late Fri. morning despite rising U.S. inflation

11:34 June 11, 2021

SEOUL, June 11 (Yonhap) -- South Korean stocks traded higher late Friday morning despite the steep hike in the U.S. price gauge, as investors expect the price pressure to still be short of prodding the Federal Reserve to pull back its accommodative policies.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.24 points, or 0.38 percent, to reach 3,236.88 points as of 11:20 a.m.

The KOSPI got off to a strong start on overnight Wall Street tech gains, as investors shrug off the consensus-beating U.S. consumer price index (CPI) for May.

Optimism about a quick economic rebound also drove up the local stock market, following a 40.9 percent on-year jump in South Korean exports in the first 10 days of June.

In Seoul, market bellwether Samsung Electronics edged down 0.12 percent, while No. 2 chipmaker SK hynix advanced 2.03 percent.

EV battery maker Samsung SDI jumped 3.77 percent, but internet portal operator Naver slipped 0.13 percent. Giant pharmaceutical firm Samsung Biologics slid 0.12 percent.

Top automaker Hyundai Motor increased 1.06 percent, and leading chemical firm LG Chem gained 2.11 percent.

The local currency was trading at 1,112.2 won against the U.S. dollar, up 3.6 won from the previous session's close.

jwc@yna.co.kr
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