Seoul stocks up late morning on falling oil prices and hope for economic recovery

SEOUL, April 4 (Yonhap) — South Korean stocks rose late Monday morning as investor confidence was buoyed by falling oil prices and signs of a global economic recovery despite the setbacks related to the US monetary tightening and the Ukrainian crisis.

The benchmark Korea Composite Stock Price Index (KOSPI) had risen 8.65 points, or 0.32%, to trade at 2,748.50 points as of 11:20 a.m.

The market opened lower amid continued uncertainty over Russia’s invasion of Ukraine and the US Federal Reserve’s monetary tightening.

But the index rebounded as global oil prices fell following the release of oil reserves by the United States and positive employment data in the United States raised hopes for an economic recovery world.

Individual investors bought shares, offsetting sales from institutions and foreigners.

Major technology and steel stocks led the rally.

Market leader Samsung Electronics rose 0.29% and top battery maker LG Energy Solution rose 0.58%. Leading steelmaker POSCO Holdings rose 1.56%.

But bio heavyweight Samsung Biologics fell 0.85% and mobile messaging operator Kakao lost 1.89%.

The local currency was trading at 1,217.5 won against the US dollar, down 2.0 won from the close of the previous session.

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Felix J. Dixon