SEOUL: South Korean stocks traded 1.13 percent higher late Wednesday morning on China’s rate cut aimed at reassuring investors in the country’s financial market, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 20.8 points to 1,867.43 as of 11:20 a.m.
Key players were mixed with cosmetics giant Amore Pacific gaining 3.67 percent and Hyundai Motor adding 1.36 percent.
Hyundai Merchant Marine, the operator of the now-stalled tourism program at North Korea’s Mount Kumgang, jumped 11.11 percent on anticipation that ties between the two Koreas will improve.
The local currency was changing hands at 1,189.05 won against the U.S. dollar as of 11:20 a.m., up 6.25 won from Tuesday’s close.
