Seoul shares up 1.41 pct as U.S. recession fears ease

South Korean stocks traded 1.41 percent higher late Friday morning as better-than-expected U.S. jobless data revived investors' appetite for risky assets after the biggest loss earlier this week. The benchmark Korea Composite Stock Price Index (KOSPI) had gained 36.11 points to 2,592.84 as of 11:20 a.m. Overnight, latest weekly jobs claim data pushed up U.S. stock indexes, soothing recession fears that had caused a global rout on Monday. The Dow Jones Industrial Average rose 1.76 percent, and the tech-heavy Nasdaq composite jumped 2.87 percent. In Seoul, large-cap shares led the bullish mode. Top carmaker Hyundai Motor rose 3.17 percent and its sister Kia climbed 1.38 percent. Defense firm Hanwha Aerospace jumped 3.92 percent, and steel giant POSCO Holdings increased 2.66 percent. But K-pop powerhouse Hybe fell 2.61 percent, and top instant noodle maker Nongshim declined 1.22 percent. The local currency was trading at 1,371.2 won against the U.S. dollar, up 6 won from the previous session. Source: Yonhap News Agency