Seoul stocks turn to gains on earnings hope

SEOUL, Oct. 25 (Yonhap) -- South Korean stocks rebounded early Monday afternoon on expectations of strong quarterly earnings reports by big firms this week.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.66 points, or 0.49 percent, to 3,020.82 points as of 12:20 p.m.

Stocks got off to a weak start, largely in the wake of the U.S. Federal Reserve's signal that the present high-price pressure may not subside soon.

The KOSPI pared its earlier losses, as certain listed firms' estimate-beating performances in their third-quarter earnings raised the overall expectations for the season.

POSCO and Hana Financial Group posted consensus-beating earnings in the morning. KOSPI top cap Samsung Electronics, SK hynix, Shinhan Financial Group, Hyundai Motor, Kia and other heavyweights are scheduled to release their earnings later this week.

In Seoul, market bellwether Samsung Electronics edged up 0.14 percent to 70,500 won, and No. 2 chipmaker SK hynix jumped 3.05 percent to 101,500 won, a day ahead of its third-quarter earnings report.

Leading car battery firm LG Chem inched up 0.12 percent to 819,000 won, while pharmaceutical giant Samsung Biologics decreased 1.25 percent to 869,000 won. The country's largest carmaker Hyundai Motor moved up 1.93 percent at 211,500 won.

The local currency was trading at 1,169.7 won against the U.S. dollar, up 7.4 won from the previous session's close.

jwc@yna.co.kr
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