Seoul stocks trade higher over risk appetite

Seoul, Sep 4 (AHN) Seoul stocks were trading higher late on Friday morning as remarks from a US Federal Reserve governor eased concerns over further rate hikes.

The benchmark Korea Composite Stock Price Index (KOSPI) was trading up 81.74 points, or 1.24 percent, to 6,661.22, as of 11:20 am, reports Yonhap news agency.

Risk appetite revived after Federal Reserve Gov. Christopher Waller signalled a cautious stance on further rate hikes.

South Korea also extended its account surplus in July, driven by strong exports from the artificial intelligence (AI) boom, Bank of Korea data showed.

July was the 39th consecutive month the balance has remained in the black.

Most market top caps were trading higher. Chip giant Samsung Electronics added 1.8 percent, while industry rival SK hynix advanced 2.57 percent.

Top carmaker Hyundai Motor slid 0.26 percent, while battery maker LG Energy Solutions fell 1.64 percent, and financial firm KB Financial dipped 2.53 percent.

The Korean won was quoted at 1,358.1 won against the U.S. dollar as of 11:20 a.m., down 0.6 won from the close of the previous stock trading session.

Meanwhile, four U.S. companies have committed to investing a combined 2.8 trillion won ($2 billion) in South Korea in the semiconductor, advanced materials and energy sectors, the industry ministry said on Friday.

The Ministry of Trade, Industry and Resources announced the investment commitments at a ceremony co-hosted by the Korea Trade-Investment Promotion Agency (KOTRA) in Washington on Sept. 3 (U.S. time), attended by Industry Minister Kim Jung-kwan.

Under the commitments, Air Products, a U.S. supplier of industrial gases, plans to expand its semiconductor gas production facilities in Pyeongtaek, just south of Seoul, the ministry said in a press release.

Chip equipment maker Axcelis also plans to expand production of ion implantation systems in South Korea, strengthening the role of its Korean facility as an export hub for the Asia-Pacific market.

Corning, a specialty materials company, will strengthen its manufacturing capabilities and invest in equipment for advanced materials used in next-generation mobile devices and semiconductors.

—AHN

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