SEOUL: South Korean stocks started higher on Friday, led by gains in Samsung Group shares after the conglomerate said it will sell non-core chemical units to Lotte Group to streamline its businesses.
The benchmark Korea Composite Stock Price Index rose 2.74 points, or 0.13 percent, to 2,036.9 in the first 15 minutes of trading.
Market kingpin Samsung Electronics increased 2.26 percent after the company on Thursday announced plans to buy back its own shares worth a total of 11.3 trillion won ($10 billion) to boost shareholder value.
Lotte Chemical, Lotte’s chemical unit, tumbled 5.02 percent after Lotte said it will buy Samsung Group’s chemical businesses for nearly 3 trillion won. Samsung SDI, Samsung’s chemical and battery-making unit, advanced 2.5 percent.
The local currency was trading at 1,138.6 won against the U.S. dollar as of 9:15 a.m., up 3.7 won from Thursday’s close.
