Seoul: South Korean stocks extended gains late Thursday morning, led by advances in technology shares following strong earnings from U.S. chip giant Nvidia Corp. The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.25 points, or 1.66 percent, to 2,714.40 as of 11:20 a.m.

According to Yonhap News Agency, Nvidia reported a 69 percent on-year increase in revenue, reaching US$44.1 billion for the February-April period. It also projected second-quarter revenue of around $45 billion, slightly higher than the previous quarter. In the local market, institutional investors bought a net 369.03 billion won (US$267 million) worth of stocks, and foreigners purchased a net 94.02 billion won in stocks. Meanwhile, individuals sold a net 479.05 billion won.

Tech and auto stocks led the rally in Seoul. Market heavyweight Samsung Electronics rose 0.54 percent, while chip giant SK hynix gained 0.84 percent. Top carmaker Hyundai Motor jumped 2.96 percent, its smaller affiliate Kia rose 4.72 percent, and leading shipbuilder HD Hyundai jumped 11.36 percent.

Among decliners, leading budget carrier Jeju Air fell 0.3 percent, and leading wireless services provider SK Telecom declined 0.68 percent. The local currency was trading at 1,382.60 won against the greenback at 11:20 p.m., down 6.1 won from the previous session.