Korean shares started flat, up just 0.42 percent Monday.

Telecommunication shares rose slightly after the government failed to approve a new mobile carrier last week, giving the benchmark index a boost.

 
The benchmark Korea Composite Stock Price Index added 7.95 points to 1,920.01 in the first 15 minutes of trading.

The index was trading 0.63 percent higher at 1924.03 points as of 9:48 a.m.

Telecommunication companies traded bullish after the government on Friday did not select an operator for the country‘s fourth mobile carrier.

The country’s largest carrier SK Telecom rose 3.11 percent, while its top rival KT gained 3.49 percent.

Hyundai Merchant Marine, a shipyard run by Hyundai Group, skyrocketed 17.72 percent after news that the firm is mulling additional restructuring plans to cut mounting debt.

The local currency was trading at 1,208.8 won against the U.S. dollar as of 9:15 a.m., down 9.7 won from Friday’s close.

(khnews@heraldcorp.com)