Seoul: Seoul shares traded almost 1 percent higher late Thursday morning, driven by robust performance of blue chip tech shares, in particular SK hynix, which posted record-high second-quarter earnings. The benchmark Korea Composite Stock Price Index (KOSPI) had added 28.57 points, or 0.9 percent, to 3,212.34 as of 11:20 a.m.
According to Yonhap News Agency, the index had surpassed the 3,230-point mark to set a yearly high during the morning session, but slightly trimmed earlier gains on news the "2+2" high-level trade talks between Seoul and Washington, originally planned for Friday (U.S. time) in Washington, were canceled due to the urgent schedule of U.S. Treasury Secretary Scott Bessent. The two sides had planned to hold the high-stake negotiations involving Bessent, U.S. Trade Representative Jamieson Greer, South Korean Finance Minister Koo Yun-cheol, and Trade Minister Yeo Han-koo.
Overnight, Wall Street gained ground as the Donald Trump administration struck a trade deal with Japan to lower its 25 percent reciprocal tariffs on the Asian nation to 15 percent in exchange for greater access to Japanese automobile and agricultural markets as well as massive investments in the United States. The Dow Jones Industrial Average rose 1.14 percent, the S and P 500 added 0.78 percent, and the tech-heavy Nasdaq composite went up 0.61 percent.
In Seoul, chipmaking giant SK hynix climbed 1.77 percent after the company reported all-time high operating profit and revenue for the second quarter. Its rival Samsung Electronics edged up 0.15 percent. Leading battery maker LG Energy Solution shot up 8.47 percent, and pharmaceutical giant Samsung Biologics jumped 2.91 percent.
Major shipbuilders were also bullish, with HD Hyundai Heavy advancing 2.18 percent and Hanwha Ocean soaring 6.83 percent. Major power equipment builder Doosan Enerbility also expanded 3.47 percent, and bio giant Samsung Biologics escalated 2.91 percent. Defense powerhouse Hanwha Aerospace increased 2.64 percent.
Financial shares also gained ground, with KB Financial up 2.17 percent and Shinhan Financial rising 2.35 percent. The local currency was trading at 1,367.5 won against the U.S. dollar at 11:20 a.m., sharply up 12.3 won from the previous session.