Seoul: South Korean shares pared earlier gains late Friday morning as retail and institutional investors continued to sell large-cap technology stocks despite bargain hunting by foreign investors. After opening 2.7 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) rose 87.95 points, or 1.29 percent, to 6,901.29 as of 11:20 a.m. The KOSPI had briefly touched the 7,000 mark in early trading, rising 2.9 percent.

According to Yonhap News Agency, foreign investors alone scooped up nearly 1.01 trillion won (US$714 million) worth of shares, offsetting a combined 978.9 billion won in net selling by retail and institutional investors. Overnight, the U.S. stock market rose to an all-time high amid easing oil prices. The S and P 500 climbed 0.7 percent. The Dow Jones Industrial Average added 0.1 percent, and the tech-heavy Nasdaq Composite gained 0.8 percent.

In Seoul, blue-chip shares led the advance. Market bellwether Samsung Electronics went up 0.56 percent, while rival chipmaker SK hynix added 3.2 percent. The Korean won was trading at 1,414.1 won against the U.S. dollar as of 11:20 a.m., up 4.5 won from the previous session's close.