Seoul (South Korea), October 24: South Korean stocks traded about 1.2 percent higher late Monday morning, boosted by gains in tech, construction and securities firms, after the government's announcement of 50 trillion won (US$34.7 billion) liquidity support to prevent a credit crunch.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.74 points, or 1.16 percent, to 2,238.86 as of 11:20 a.m.
Hyundai Engineering & Construction soared about 3 percent and its rival GS Engineering & Construction jumped more than 4 percent.
On Sunday, the financial authorities said they will expand liquidity supply programs to calm the corporate bond market unnerved by the default on debt payment by the developer of an amusement park in Gangwon Province.
Major brokerage house Meritz Securities jumped around 3.8 percent and Kiwoom Securities spiked more than 7 percent.
Among the top-listed firms, Samsung Electronics was up 2.3 percent and battery maker Samsung SDI rose 2 percent.
Financial companies, in contrast, lost ground. Banking firm Shinhan Financial dipped 1.5 percent and Hana Financial also sank 2 percent.
The local currency was changing hands at 1,439.70 won against the greenback as of 11:20 a.m., up 0.1 won from Friday's close.
Source: Yonhap
