SEOUL: Seoul shares advanced late Monday morning, buoyed by strong performances in battery and bio stocks as investors engaged in bargain hunting on the final trading day of 2024. The Korea Composite Stock Price Index (KOSPI) saw an increase of 13.74 points, or 0.57 percent, reaching 2,418.51 by 11:20 a.m.
According to Yonhap News Agency, the stock market had faced significant declines in the previous week due to political instability following a short-lived attempt at martial law earlier this month. However, the market rebounded with key sectors such as batteries and biotechnology leading the charge.
In the battery sector, LG Energy Solution rose by 1.15 percent, while POSCO Future M added 1.33 percent. The bio sector also saw substantial gains with SK Biopharm surging 7.61 percent and Samsung Biologics increasing by 2.78 percent. Despite these gains, top-cap Samsung Electronics experienced a minor decline of 0.19 percent.
Meanwhile, the local currency was trading at 1,468.05 won against the U.S. dollar at 11:20 a.m., marking a slight decrease of 0.55 won from the previous session. The stock market's recovery reflects investor confidence in select sectors amid broader economic uncertainty.