Seoul: Seoul shares extended their gains late Thursday morning as oil prices eased after U.S. President Donald Trump played down the prospect of a prolonged conflict with Iran. After opening 1.33 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) was up 92.04 points, or 1.4 percent, at 6,654.76 as of 11:20 a.m. The main index had previously plunged 3.99 percent in the previous session amid concerns about tensions in the Middle East and the possibility of further U.S. Federal Reserve rate hikes.
According to Yonhap News Agency, overnight, the Dow Jones Industrial Average rose 0.56 percent, while the tech-heavy Nasdaq composite gained 0.45 percent. U.S. President Donald Trump stated that renewed U.S. attacks on Iran would likely be short-lived, easing concerns about inflation. Foreigners and individuals sold a net 300.38 billion won (US$221 million) and 319.95 billion won worth of stocks, respectively, while institutions bought a net 17.79 billion won.
In Seoul, tech stocks led the gains. Market bellwether Samsung Electronics rose 1.4 percent, and its chipmaking rival SK hynix climbed 0.99 percent. Top carmaker Hyundai Motor gained 1.46 percent, and leading battery maker LG Energy Solution jumped 4.89 percent. Among decliners, leading wireless services provider SK Telecom fell 1.86 percent, and Lotte Shopping declined 0.57 percent.
The Korean won was quoted at 1,358.60 won against the U.S. dollar as of 11:20 a.m., up 0.6 won from the close of the previous stock trading session.