SEOUL: South Korean stocks traded 0.51 percent higher late Tuesday morning as investors snapped up local shares in line with a global stock rally, with auto shares leading the gains.
The benchmark Korea Composite Stock Price Index (KOSPI) added 10.29 points to 2,045.53 as of 11:20 a.m.
Auto shares traded bullish after data showed Monday that Korean carmakers’ sales expanded 8.7 percent in October from a year earlier on robust demand at home and abroad.
Top automaker Hyundai Motor rose 2.94 percent, and its sister company Kia Motors surged 3.95 percent.
Steel and heavy industries were also in positive terrain, with leading steelmaker POSCO advancing 5.29 percent.
SK tumbled 10.78 percent after its mobile carrier unit, SK Telecom, announced plans to acquire leading cable operator CJ Hellovision in a 500 billion-won stock swap deal. SK Telecom sank 5.03 percent.
The local currency was changing hands at 1,133.8 won against the greenback as of 11:20 a.m., up 3.2 won from Monday’s close.
