Seoul shares rise on Amore, Hyundai Motor

Local stocks appeared to be picking up on Friday on gains in big caps, such as Amore Pacific and Hyundai Motor. 

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.19 percent, or 3.69 points, to 1,954.29 as of 11:20 a.m.

The market suffered from losses in Samsung Electronics in early morning trading, but it later recouped its losses on the back of gains in Hyundai Motor and Amore Pacific.

Cosmetics maker Amore Pacific rose 8.14 percent, and auto steelmaker Hyundai Hysco advanced by the daily limit of 15 percent.

Better-than-expected first-quarter earnings sent shares of both companies higher. Top automaker Hyundai Motor gained 1.53 percent.

Market leader Samsung Electronics fell 0.52 percent on foreign selling. Naver, the country’s No.1 Internet portal operator, dropped 2.27 percent on news that it will likely receive a three-month-long suspension of foreign exchange business in violation of a law after establishing overseas operations a decade ago.

The South Korean won was trading at 1,023.00 won per the U.S. dollar, down 0.40 won from Thursday‘s close. 

By Bae Hyun-jung and news reports (tellme@heraldcorp.com)