Seoul: South Korean stocks rose late Monday morning, driven by gains in battery and chemical shares, as U.S. President Donald Trump announced an extension of the deadline for imposing tariffs on imports from the European Union. The benchmark Korea Composite Stock Price Index (KOSPI) increased by 28.32 points, or 1.09 percent, reaching 2,620.41 by 11:20 a.m.
According to Yonhap News Agency, the index opened higher and continued its upward trend, supported by foreign and institutional investors' buying activities. Investors reacted positively to the news of Trump delaying the imposition of 50 percent tariffs on EU imports until July 9.
Despite the upbeat market mood, there are ongoing concerns regarding U.S. tariff policies. Trump has threatened to impose 25 percent tariffs on smartphones made by companies like Apple and Samsung Electronics Co. by the end of next month if they are not produced in the United States.
In the stock market, Samsung Electronics saw a modest rise of 0.37 percent, while chip manufacturer SK hynix remained stable. Leading battery producer LG Energy Solution experienced a significant increase of 2.99 percent, and LG Chem advanced by 1.59 percent. POSCO Holdings, the top steelmaker, gained 2.14 percent.
The automotive sector also saw gains, with Hyundai Motor, the leading automaker, increasing by 0.94 percent and its sister company Kia edging up by 0.17 percent. In the financial sector, KB Financial advanced 1.52 percent, and major online portal operator Naver climbed 1.37 percent.
Among other notable movements, major bio firm Samsung Biologics remained unchanged, while defense company Hanwha Aerospace saw a decline of 1.2 percent. The local currency was trading at 1,362.15 won against the U.S. dollar at 11:20 a.m., reflecting an increase of 13.45 won from the previous session.