Seoul shares up late Tue. morning on tech gains

SEOUL, Seoul shares turned higher late Tuesday morning on tech gains amid speculation that strong U.S. data may prod the Federal Reserve to push back its rate-cut timetable. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.86 points, or 0.21 percent, to 2,753.72 as of 11:20 a.m. The Institute for Supply Management's manufacturing purchasing managers' index, released overnight, stayed at 50.3 last month, the highest since September 2022 despite a prolonged tightening mode by the Fed. The Fed has been expected to cut rates starting in June this year, but the U.S. central bank may delay its rate cut timing given still higher inflation and a strong economy. Foreigners bought a net 421 billion won (US$311 million) worth of stocks, offsetting institutions and individuals' combined stock selling valued at 410 billion won. Tech stocks led market gains. Market bellwether Samsung Electronics Co. jumped 3.3 percent, No. 2 chipmaker SK hynix Inc. rose 1.2 percent, leading refiner SK Innovation Co. cl imbed 0.3 percent, and leading cosmetics firm AmorePacific Corp. gained 1 percent. Among decliners, top carmaker Hyundai Motor Co. fell 3.3 percent, national flag carrier Korean Air Co. declined 1 percent, leading steelmaker POSCO Holdings shed 1.6 percent, and the state-run Korea Electric Power Corp. dropped 2 percent. The local currency was trading at 1,353.60 won against the U.S. dollar, down 4.2 won from the previous session's close. Source: Yonhap News Agency