Seoul: South Korean shares extended gains late Tuesday morning, boosted by rallies in major chipmakers and tracking strong performances in U.S. tech stocks, to head toward setting another record high. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 63.38 points, or 1.66 percent, to 3,878.07, as of 11:20 a.m.

According to Yonhap News Agency, U.S. stocks rallied on Monday, with Apple gaining 3.9 percent amid optimism over demand for its latest iPhone model. In Seoul, technology stocks led the advance. Chip giant Samsung Electronics rose 1.63 percent, while its rival SK hynix climbed 2.06 percent. Top carmaker Hyundai Motor jumped 6.25 percent and its smaller affiliate Kia advanced 3.23 percent. Hanwha Aerospace Industries gained 2.83 percent and leading battery maker LG Energy Solution went up 3.24 percent.

The local currency was quoted at 1,422.1 won against the greenback as of 11:20 a.m., down 2.9 won from the previous session's close.