SEOUL: South Korean stocks started higher on Thursday, driven by gains in steel, chemical and other large-cap shares, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.44 points, or 0.32 percent, to 2,044.06 in the first 15 minutes of trading.
Steel and chemical shares led the market advance, with steelmaking giant POSCO and chemicals producer LG Chem gaining more than 2 percent and 3 percent, respectively.
Builders started strong, with Hyundai Engineering and Construction rising nearly 2 percent.
Tech companies weighed on the market after reporting second-quarter earnings. Market bellwether Samsung Electronics lost more than 1 percent and Internet portal operator Naver also plunged more than 6 percent.
The local currency was trading at 1,165.75 won against the U.S. dollar as of 9:15 a.m., down 7.35 won from Wednesday’s close.
