Seoul shares traded slightly higher late Friday morning as chipmaker gains offset concerns over renewed U.S. Treasury yield increases. The KOSPI rose 42.61 points, or 0.61 percent, to 6,894.69 at 11:20 a.m. Samsung Electronics climbed 3.04 percent on reports of a possible shareholder return package worth up to 110 trillion won, while SK hynix rose 3.61 percent after a buyback announcement. Kakao fell 10.72 percent after unveiling a plan to spin off its KakaoTalk-based messaging business into an AI-focused company.
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Friday. Yonhap
Seoul shares traded slightly higher late Friday morning as gains in major chipmakers on hopes for shareholder returns offset lingering concerns over renewed increases in U.S. Treasury yields.
After opening 1.35 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) recovered its earlier losses, rising 42.61 points, or 0.61 percent, to 6,894.69 as of 11:20 a.m.
U.S. Treasury yields resumed their upward trend Thursday (U.S. time), reversing much of the previous day's decline following the U.S. Treasury's announcement of an expanded bond buyback plan.
