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Seoul shares up late Mon. morning after U.S. inflation data

Seoul shares extended gains late Monday morning as U.S. inflation data were in line with market expectations.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.64 points, or 0.31 percent, to 2,755.27 as of 11:20 a.m.

The U.S. central bank is widely expected to make this year’s first rate cut in June.

Institutions and foreigners bought a combined 160 billion won (US$119 million) worth of stocks, offsetting individuals’ stock selling valued at 161 billion won.

In Seoul, tech and airlines led gains.

Market bellwether Samsung Electronics Co. rose 0.1 percent, No. 2 chipmaker SK hynix Inc. climbed 1.5 percent, Hanjin KAL Corp., the parent firm of Korean Air Co., gained 2 percent and leading refiner SK Innovation Co. was up 1 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 2.1 percent, its smaller affiliate Kia Corp. declined 0.9 percent, and leading steelmaker POSCO Holdings shed 0.9 percent.

The local currency was trading at 1,346.45 won against the U.S. dollar, up 0.75 won from
the previous session’s close.

Source: Yonhap News Agency