SEOUL, February 11 (AJP) – South Korean shares gained upward traction as institutions renewed buying after a correction last week, outperforming China-related markets weighed down by latest data renewing stagflation concerns.
China’s consumer inflation rose less than expected in January while the deflation in producer prices persisted, in a sign of continued deflationary pressure in the absence of stronger stimulus.
The consumer price index rose 0.2% in January from a year earlier, China’s National Bureau of Statistics data showed on Wednesday.
Japanese shares paused in their post-election rally as markets observed National Foundation Day.
As of 11:10 a.m., the benchmark KOSPI added 0.87 percent to 5,348.78, while the tech-heavy KOSDAQ advanced 0.64 percent to 1,122.33.
The won benefited from broad U.S. dollar weakness, with the greenback slipping 3.30 won to 1,455.70.
Among heavyweight stocks, Samsung Electronics inched up 0.06 percent to 165,900 won, while chipmaker SK hynix dropped 1.26 percent to 865,000 won. Battery maker LG Energy Solution edged down 0.13 percent to 390,000 won.
Financial and biotech shares traded higher. Samsung Life Insurance rose 0.71 percent to 199,100 won, while Samsung Biologics gained 0.64 percent to 1,721,000 won.
Automakers outperformed. Shares of Hyundai Motor climbed after Chief Executive Jose Muñoz confirmed major investment plans in Korea and North America, highlighting the company’s focus on electric vehicles and artificial intelligence.
The improved investment outlook boosted investor confidence. Hyundai Motor jumped 3.43 percent to 497,000 won, while affiliate Kia advanced 3.23 percent to 157,700 won.
Defense and aerospace shares weakened, with Hanwha Aerospace retreating 0.35 percent to 1,142,000 won.
Shipbuilders showed mixed performance. HD Hyundai Heavy Industries rose 1.12 percent to 540,000 won, while Hanwha Ocean slipped 0.31 percent to 130,500 won.
Elsewhere in Asia, Hong Kong’s Hang Seng Index dipped 0.15 percent to 27,141.15, while China’s Shanghai Composite edged down 0.03 percent to 4,127.12 in morning trade.
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