Seoul stocks up late Thursday morning on bargain hunting

SEOUL, April 22 (Yonhap) — South Korean stocks continued to trade higher late Thursday morning as investors sought oversold stocks after the benchmark index took a breather the previous session.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.03 points, or 0.51 percent, to 3,187.69 as of 11:20 a.m.

Stocks came to a strong start after the KOSPI slumped 1.52 percent the previous session under increased valuation pressure.

Investor sentiment remained strong, backed by rosy speculations about solid first-quarter earnings and progress in the local vaccine rollout against the new coronavirus.

Market kingpin Samsung Electronics traded flat, and No. 2 chipmaker SK hynix edged up 0.38 percent. Internet portal operator Naver increased 0.26 percent.

Top automaker Hyundai Motor gained 0.44 percent, and leading chemical firm LG Chem climbed 1.85 percent.

Pharmaceutical giant Samsung Biologics lost 2.04 percent, while Celltrion added 0.34 percent.

The local currency was trading at 1,115.8 won to the U.S. dollar as of 11:20 a.m., up 2.8 won from the previous session’s close.