Seoul shares up late Mon. morning amid cautious tariff optimism

South Korean stocks traded higher late Monday morning, as investors looked to developments of last week’s tariff talks with the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.07 points, or 0.28 percent, to 2,553.37 as of 11:20 a.m.

The index opened a tad higher, and had managed to maintain the momentum on institutional buying.

During the first round of tariff talks held in Washington on Thursday, South Korea and the U.S. agreed to make joint efforts to craft a “package” deal on new U.S. tariffs and economic cooperation issues by July 8, when the 90-day pause of the Donald Trump administration’s sweeping tariffs is set to be lifted.

Working-level talks will be kicked off this week for setting details.

Top-cap shares traded mixed.

Market bellwether Samsung Electronics added 0.18 percent, while chip giant SK hynix sank 2.06 percent.

Top automaker Hyundai Motor fell 0.11 percent, but its sister affiliate Kia gained 0.57 percent.

Leading battery maker LG Energy Solution rose 0.44 percent, while LG Chem dipped 0.89 percent.

Leading shipbuilder HD Hyundai Heavy lost 1.12 percent, but its rival Hanwha Ocean soared 2.45 percent.

Bio shares gathered ground. Leading biotech firm Samsung Biologics added 0.58 percent, and major pharmaceutical firm Celltrion increased 0.82 percent.

No. 1 steelmaker POSCO Holdings increased 0.19 percent.

The local currency was trading at 1,438.45 won against the U.S. dollar at 11:20 a.m., down 1.95 won from the previous session.