SEOUL: South Korean stocks traded 0.77 percent higher late Wednesday morning as local investors shrugged off the news that Greece failed to make its debt payment to the International Monetary Fund, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.92 points to 2,090.12 as of 11:20 a.m.
Samsung affiliates advanced after a Seoul court dismissed injunction requests by U.S. hedge fund Elliot Associates L.P., clearing the legal hurdle for the nation’s top conglomerate to push ahead with a proposed merger between Cheil Industries and Samsung C&T.
Cheil Industries rose 2.25 percent, and Samsung C&T climbed 1.36 percent.
Auto shares were down. Industry leader Hyundai Motor shed 0.37 percent, and Hyundai Mobis, an auto-parts maker, retreated 1.89 percent.
The IMF said Greece missed a $1.8 billion debt payment on Tuesday (Greece time), becoming the first developed country to default on a loan to the international lending agency, fueling concerns of a Grexit.
The local currency was changing hands at 1,120.75 won against the greenback as of 11:30 a.m., down 5.25 won from Tuesday’s close.
