Seoul: Seoul shares trimmed earlier gains late Tuesday morning on profit-taking, though progress toward ending the record-long U.S. government shutdown continued to support investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) had risen 66.84 points, or 1.64 percent, to 4,140.08 as of 11:20 a.m.
According to Yonhap News Agency, overnight U.S. stocks advanced, with the Dow Jones Industrial Average gaining 0.81 percent and the tech-heavy Nasdaq Composite rising 2.27 percent. The U.S. Senate advanced a plan to end the record-long government shutdown, and President Donald Trump expressed support for the bipartisan deal.
Retail investors sold a net 272.3 billion won (US$186 million) worth of stocks, while institutions and foreigners bought 111.86 billion won and 131.99 billion won, respectively. In Seoul, tech and auto stocks led the gains. Market bellwether Samsung Electronics jumped 3.78 percent, and its chip rival SK hynix climbed 3.63 percent.
Top automaker Hyundai Motor rose 0.18 percent, while its smaller affiliate Kia gained 1.5 percent. Leading battery maker LG Energy Solution added 1.83 percent, and defense firm Hanwha Aerospace Industries gained 0.21 percent. Among decliners, leading shipbuilder HD Hyundai Heavy Industries rose 2.04 percent, Hyundai Steel slipped 1.57 percent, and leading shipping firm HMM lost 1.49 percent.
The local currency was trading at 1,463.90 won against the U.S. dollar at 11:20 a.m., down 12.5 won from the previous session.