Tech stocks lift Korean shares, Samsung Biologics dives by 5.7pc

Business | 13 Jul 2018 10:41 am

South Korean stocks traded higher today, led by gains in tech, steel and construction shares.

The benchmark Korea Composite Stock Price Index (KOSPI) added 24.8 points, or 1.09 percent, to 2,309.86 as of 11:20 a.m.

Market kingpin Samsung Electronics increased by 1.43 percent, while SK hynix, a major chipmaker, jumped by 4.56 percent.

Top steelmaker Posco climbed by 3.22 percent, and its smaller rival Hyundai Steel edged up 1.87 percent.

Hyundai Engineering & Construction gained by 1.88 percent and GS Engineering & Construction was up by 4.46 percent.

Samsung Biologics plunged by 5.71 percent, after the financial regulator announced the previous day that a 2015 accounting breach by the biopharmaceutical firm was intentional. The Samsung affiliate has strongly denied the allegations.

No 1 carmaker Hyundai Motor was up by 0.81 percent, while Naver, the country's largest portal operator, was down by 1.66 percent.

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