Seoul:Stocks in Seoul extended their gains late Friday morning as investors engaged in bargain hunting for large-cap tech shares.

According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) rose by 154.88 points, or 2.79 percent, reaching 5,709.1 at 1120 a.m. This increase followed an opening higher after the index had dropped over 7 percent in the previous session due to concerns about the sustainability of artificial intelligence trade.

In the United States, major stock indexes closed higher overnight despite declines in key AI stocks. Investors closely monitored producer price data, which showed the largest increase in 4 1/2 years in September. The U.S. Producer Price Index increased by 1.3 percent, driven primarily by energy price hikes associated with the ongoing Middle East conflict, raising expectations that the Federal Reserve may continue its hawkish stance on interest rates.

In Seoul, tech giants Samsung Electronics and SK hynix saw their shares rise by over 2 percent each. LG Energy Solution, a battery manufacturer, gained 0.99 percent, Hyundai Motor surged 6.77 percent, and Hanwha Aerospace, a defense company, soared 9.1 percent. Meanwhile, the Korean won traded at 1,345.7 against the U.S. dollar, a decrease of 3.7 won from the previous session.