Seoul (South Korea), March 29: South Korean stocks continued to trade nearly flat late Monday morning as investors took a wait-and-see approach as U.S.-China tensions and rising new coronavirus cases around the world increased uncertainties in the local financial markets.
The benchmark Korea Composite Stock Price Index rose 1.03 points, or 0.03 percent, to 3,042.04 points as of 11:20 a.m.
Stocks traded choppy in the morning, as a U.S.-China political spat over the human rights issue in Xinjiang deepened.
China imposed retaliatory sanctions on U.S. and Canadian individuals and entities during the weekend. Earlier last week, the communist country also sanctioned European politicians.
Investor concerns grew as U.S. COVID-19 cases moved back up, with the third wave of the virus spreading in Europe. New COVID-19 infections topped 126 million over the weekend around the world, with the death toll exceeding 2.7 million.
However, heightened forecasts of better corporate earnings in the first quarter pegged the KOSPI against further losses.
In Seoul, top cap Samsung Electronics slipped 0.12 percent, and No. 2 chipmaker SK hynix shed 1.48 percent.
Giant internet portal operator Naver lost 1.7 percent, while leading chemical firm LG Chem edged up 0.12 percent.
Pharmaceutical giant Celltion jumped 4.62 percent as the European Medicines Agency confirmed that the firm's drug can be used to treat COVID-19. Top automaker Hyundai Motor climbed 0.23 percent.
The local currency was trading at 1,1332.0 won against the U.S. dollar, down 2.7 won from the previous session's close.
Source: Yonhap