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Korean stocks trade almost flat in late morning

South Korean stocks traded almost flat at their six-year highs Friday morning, with top market cap Samsung Electronics hitting a fresh record high.

The benchmark Korea Composite Stock Price Index shed 0.5 point, or 0.02 percent, to 2,208.96 as of 11:15 a.m.


Market kingpin Samsung Electronics shot up 2.97 percent after reporting the biggest quarterly earnings in three years aided by robust chip sales.

The world's largest manufacturer of smartphones also said it would buy back stocks worth 9.3 trillion won ($8.23 billion) this year and cancel its treasury stocks worth 49 trillion won going forward.

SK hynix, a major chipmaker, remained flat and Naver, the country's top Internet portal operator, gained 1.1 percent.

Hyundai Motor, the No. 1 automaker, fell 1.36 percent, and its affiliate Kia Motors slipped 0.57 percent.

The local currency was trading at 1,132.45 won against the US dollar, down 2.35 won from the previous session's close. (Yonhap)

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