Seoul: South Korean stocks jumped nearly 1 percent Tuesday morning, driven by foreign investors’ purchase of big-cap shares in the defense and shipping sectors. After starting marginally lower, the benchmark Korea Composite Stock Price Index (KOSPI) had gained 27.21 points, or 0.95 percent, to 2,882.98 as of 11:20 a.m., as foreigners bought 330.3 billion won (US$242.9 million) worth of local shares.

According to Ethiopian News Agency, market heavyweight Samsung Electronics went down 1 percent, but its chipmaking rival SK hynix rose 1.31 percent. Top defense firm Hanwha Aerospace surged 7.39 percent on news that Hanwha Group won approval from the U.S. government to acquire up to a 100 percent stake in Australia-based shipbuilding and defense firm Austal. Hanwha Aerospace and its affiliate Hanwha Systems purchased a 9.9 percent stake in Austal in March.

Shipbuilding shares gained ground as well, with Hanwha Ocean up 2.51 percent, and HD Korea Shipbuilding jumping 4.98 percent. Major bank KB Financial advanced 2.53 percent, and nuclear power plant builder Doosan Enerbility also climbed 1.05 percent. Leading battery maker LG Energy Solution increased 1.93 percent. Kakao, the operator of the country’s dominant mobile messenger, however, lost 2.72 percent.

The local currency was trading at 1,358.5 won against the greenback at 11:20 a.m., down 2.1 won from the previous session.