Seoul: Seoul stocks were trading higher late Thursday morning as investors awaited the outcome of a high-stakes summit between the world's two largest economies. The benchmark Korea Composite Stock Price Index (KOSPI) rose 39.99 points, or 0.98 percent, to 4,121.14 as of 11:20 a.m.
According to Yonhap News Agency, the KOSPI had opened slightly higher following a trade deal reached in a summit between U.S. President Donald Trump and President Lee Jae Myung on Wednesday. However, the index pared some early gains after U.S. Commerce Secretary Howard Lutnick clarified that "semiconductor tariffs are not part of the deal."
Investors are now closely following the summit between Trump and Chinese President Xi Jinping currently under way in the southern port city of Busan. Most large cap shares were trading higher. Top-cap Samsung Electronics added 4.08 percent, while rival SK hynix inched up 2.33 percent. Meanwhile, carmakers gathered ground, with Hyundai Motor moving up 4.84 percent and its sister company Kia advancing 2.69 percent.
In contrast, major portal operator Naver fell 2.45 percent, messenger app operator Kakao moved down 4.14 percent, and nuclear power plant builder Doosan Enerbility slid 5.19 percent. The Korean won was trading at 1,420.9 won against the U.S. dollar as of 11:20 a.m., up 10.8 won from the previous session's close.