Seoul: South Korean stocks turned nearly flat late Thursday morning after starting higher, amid mixed performance of big-cap shares. The benchmark Korea Composite Stock Price Index (KOSPI) had added 2.98 points, or 0.09 percent, to 3,317.51 as of 11:20 a.m. The KOSPI set an all-time high of 3,314.53 the previous day.
According to Yonhap News Agency, the U.S. markets showed varied results as the S and P 500 closed 0.3 percent higher and the tech-heavy Nasdaq composite inched up 0.03 percent, driven by gains in cloud provider Oracle and AI-related shares, such as Nvidia, AMD, and Broadcom. The Dow Jones Industrial Average, however, closed 0.48 percent lower. The fresh U.S. producer price data, which showed a decline for the first time in four months, boosted optimism that the Federal Reserve will cut its key rate next week. Investors' attention is now on the U.S. consumer price index for August, due out on Thursday (U.S. time), which will provide additional clues for the Fed's monetary direction.
In Seoul, big-cap shares were trading mixed. Market bellwether Samsung Electronics decreased 0.41 percent, while its chipmaking rival SK hynix climbed 1.4 percent. Leading battery maker LG Energy Solution surged 2.06 percent, and defense powerhouse Hanwha Aerospace soared 3.31 percent. Major shipbuilders were also strong, with HD Hyundai Heavy up 0.2 percent and HD Korea Shipbuilding rising 1.33 percent.
Notably, food companies were bullish on the widening popularity of Korean culture, with instant noodle maker Nongshim jumping 5.68 percent and its rival Samyang Foods escalating 4.39 percent. However, No. 1 financial firm KB Financial lost 1.62 percent, and power plant manufacturer Doosan Enerbility dropped 1.12 percent. Top automaker Hyundai Motor went down 0.68 percent and its sister Kia edged down 0.38 percent.
The local currency was trading at 1,389.4 won against the U.S. dollar at 11:20 a.m., down 2.8 won from the previous session.