Seoul stocks up late Fri. morning despite global uncertainties

SEOUL, Feb. 20 (Yonhap) -- 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.

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 (U.S. times) amid fears that a standoff between the United States and Iran over Tehran's nuclear program may escalate. Also affecting investor sentiment was that U.S. private market and alternative assets manager Blue Owl Capital announced 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. Pharmaceutical giant Samsung Biologics went 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. KB Financial added 1.32 percent, and Shinhan Financial grew 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.

graceoh@yna.co.kr
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