Seoul: South Korean stocks rose nearly 1 percent late Tuesday morning following U.S. President Donald Trump's letters to continue tariff talks with major trade partners until the start of next month. Jumping more than 1 percent at one point earlier in the day, the benchmark Korea Composite Stock Price Index (KOSPI) had added 28.70 points, or 0.94 percent, to 3,088.17 as of 11:20 a.m.
According to Yonhap News Agency, earlier in the day, Trump unveiled a letter addressed to South Korean President Lee Jae Myung, saying that the United States will start imposing 25 percent tariffs on South Korean products on Aug. 1. He also sent such letters to Japan and other countries.
In Seoul, semiconductor and energy shares led the late-morning gains. Chipmaker SK hynix vaulted 3.14 percent, and Hanmi Semiconductor, a major chip equipment maker, added 0.74 percent. Korea Power Electric Corp. advanced 1.35 percent, and Korea Gas Corp. increased 1.48 percent.
Market bellwether Samsung Electronics, however, fell 0.65 percent on its worse-than-expected second-quarter earnings guidance released before the market opened. Top carmaker Hyundai Motor declined 0.24 percent, and steelmaker POSCO Holdings dropped 1.44 percent.
The local currency was trading at 1,367.25 won against the U.S. dollar at 11:20 a.m., up 0.35 won from the previous session.