Seoul shares turn higher late Fri. morning on U.S. gains

Seoul shares turned higher late Friday morning on tech and battery gains, after overnight Wall Street gains following a report indicating the U.S. economy remains stronger than expected. The benchmark Korea Composite Stock Price Index had risen 1.2 percent, or 29.09 points, to 2,499.43 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 38,049.13, and the tech-heavy Nasdaq climbed 0.2 percent to 15,510.50. The U.S. economy grew at an estimated 3.3 percent in the fourth quarter of 2023, higher than the forecast of 1.8 percent growth by market players. Institutions and foreigners bought a combined 271 billion won (US$203 million) worth of stocks, offsetting individuals' stock selling valued at 272 billion won. In Seoul, tech and battery stocks led gains. Market bellwether Samsung Electronics Co. rose 0.4 percent, No. 2 chipmaker SK hynix Inc. climbed 0.6 percent, leading battery maker LG Energy Solution Ltd. jumped 5.4 percent, and battery firm Samsung SDI Co. climbed 5 perce nt. Among decliners, top carmaker Hyundai Motor Co. fell 0.5 percent, Hyundai Glovis Co., the logistics affiliate of Hyundai Motor Group, declined 1.9 percent, and leading budget carrier Jeju Air Co. shed 0.7 percent. The local currency was trading at 1,335.00 won against the U.S. dollar, up 0.80 won from the previous session's close. Source: Yonhap News Agency