Korean bio shares ease, KOSPI edges higher

Business | 12 Apr 2018 11:52 am

Stocks in South Korea gained in late morning trade today. Foreign buying grew after the Bank of Korea froze the key interest rate at 1.5 percent.

The benchmark Korea Composite Stock Price Index (KOSPI) edegd up 3.02 points, or 0.12 percent, to 2,447.24 as of 11:20 a.m local time.

STX Offshore & Shipbuilding gained by 2.48 percent after its main creditor, the state-run Korea Development Bank, accepted its self-rescue plan Wednesday, withdrawing its earlier plan to put the midsized shipbuilder under court receivership. Other shipbuilders also rallied on buoyed expectations of better times.

Hyundai Heavy Industries, the world's largest shipbuilder by sales, moved up by 2.78 percent, and Daewoo Shipbuilding & Marine Engineering increased 3.56 percent.

Market heavyweight Samsung Electronics edged up by 0.57 percent, and chipmaker SK hynix advanced 3.08 percent. Bio shares fell, taking a breather from a recent rally.

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