A screen at the dealing room of Hana Bank’s headquarters in Seoul, Monday, shows the KOSPI indext. Yonhap
Seoul stocks were trading up sharply late Monday morning, despite uncertainties surrounding U.S.-Iran peace talks, as investors turn their focus to upcoming earnings releases from the country's major conglomerates.
The benchmark Korea Composite Stock Price Index (KOSPI) was trading 139.64 points, or 2.16 percent, higher at 6,615.27 as of 11:20 a.m.
After opening sharply up, the index was on pace to set a new record, trading above the 6,600-point mark for the first time.
On Friday, U.S. stocks ended mixed, as investors sat on the sidelines as they pinned hopes on a breakthrough in peace talks between the United States and Iran.
Such hopes, however, faded, after U.S. President Donald Trump said he canceled a planned trip by Washington envoys to Pakistan for scheduled peace talks with Iran.
"But, improving business conditions and the earnings forecast of major companies, which once had been clouded by uncertainties by the Middle East, is now being reflected in the KOSPI," said Lee Kyoung-min, an analyst from Daishin Securities.
In Seoul, most market top-caps were trading higher.
Chip giant Samsung Electronics added 2.05 percent, while its rival SK hynix jumped 6.38 percent.
Top car maker Hyundai Motor advanced 3.12 percent, securities firm Mirae Asset Securities increased 2.39 percent, and nuclear power plant builder Doosan Enerbility rose 0.87 percent.
Source: Korea Times News
