Seoul: Seoul shares traded higher late Thursday morning as big-cap tech shares advanced, buoyed by an overnight rally on Wall Street. The benchmark Korea Composite Stock Price Index had added 30.11 points, or 1.21 percent, to 2,526.92 as of 11:20 a.m.
According to Yonhap News Agency, major U.S. indexes rallied overnight as blue chip tech shares gained ground. This was supported by signs of slowing inflation in the latest consumer price index, which reinforced bets that the Federal Reserve will continue with its monetary easing cycle this year. The Dow Jones Industrial Average advanced 1.65 percent, the S and P 500 jumped 1.83 percent, and the tech-heavy Nasdaq Composite surged 2.45 percent.
The Bank of Korea's rate freeze did not significantly impact the stock market. Earlier in the day, the BOK held its key rate unchanged at 3 percent, considering the weak local currency and uncertainties from the incoming Donald Trump administration.
In Seoul, market bellwether Samsung Electronics climbed 1.68 percent, and its chipmaking rival SK hynix increased 5.2 percent. Bio and financial shares also performed well, with Samsung Biologics advancing 1.67 percent and Celltrion rising 1.27 percent. KB Financial gained 0.78 percent, and Meritz Financial jumped 2.5 percent. Steel giant POSCO Holdings and oil refinery SK Innovation rose 2.33 percent and 1.36 percent, respectively.
However, heavy industry firms saw declines, with shipbuilder HD Hyundai Heavy down 0.64 percent and shipping firm HMM dropping 1.36 percent. Major defense and aerospace firm Hanwha Aerospace also lost 1.01 percent. The local currency was trading at 1,454.2 won against the greenback at 11:20 a.m., up 7.0 won from the previous session.