SEOUL: South Korean stocks traded 0.63 percent higher late Monday morning as investors tuned in to positive corporate news although Greece and its creditors failed to reach a bailout deal over the weekend, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.77 points to 2,043.94 as of 11:20 a.m.
Talks are currently under way on a final decision on a bailout for Greece amid the prospect of the European nation being ejected from the currency union.
Retailers rallied after winning duty-free bids in downtown Seoul, which will help woo more Chinese tourists.
Hotel Shilla advanced 2.73 percent, and Hyundai Development increased 2.56 percent after their joint venture clinched a deal. Hanwha Galleria Timeworld, the other bid winner, soared by the daily stock price limit of 30 percent.
Petrochemicals were down as oil prices extended losses after Iran and six world powers were close to reaching a nuclear deal.
LG Chem, a leading chemical firm, declined 3.67 percent, and top refiner SK Innovation fell 1.83 percent.
The local currency was changing hands at 1,132.9 won against the dollar in Seoul as of 11:20 a.m., down 3.2 won from Friday’s close.
