Seoul: South Korean stocks extended their gains late Thursday morning, driven by a semiconductor rally, as Micron Technology's better-than-expected earnings erased concerns over artificial intelligence (AI) growth. After opening 2.74 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 414.55 points, or 4.89 percent, to 8,885.57 as of 11:20 a.m.

According to Yonhap News Agency, Wall Street had closed mixed overnight due to concerns about the overvaluation of AI-related shares. However, Micron, the world's No. 3 memory chipmaker, released its quarterly earnings after the market closed, sharply beating market expectations and boosting investor confidence.

In Seoul, blue chip shares led the early run. Market bellwether Samsung Electronics jumped 4.77 percent, and chip giant SK hynix soared 9.61 percent. Additionally, Hanmi Semiconductor, a leading chip equipment maker, advanced 2.22 percent, while LG Electronics rose 0.24 percent, showcasing strong performance in the tech sector.

Financial shares were also among the winners as KB Financial Group gained 1.91 percent and Samsung Life Insurance climbed 6.47 percent, reflecting positive sentiment across various sectors. Meanwhile, the Korean won was trading at 1,547.25 won against the U.S. dollar at 11:20 a.m., down 5.25 won from the previous session.