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Seoul stocks extend gains late Monday morning

11:28 August 12, 2019

SEOUL, Aug. 12 (Yonhap) -- Seoul stocks extended their gains late Monday morning as investors scooped up oversold market heavyweights despite an escalating trade feud between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.72 points, or 0.45 percent, to 1,946.47 as of 11:20 a.m.

The KOSPI opened tad higher and stayed above the flatline on the back of bargain hunts. The KOSPI last week shed 3 percent.

On Friday, U.S. President Donald Trump said that Washington is not ready to strike a deal on tariffs with Beijing, which sent the Dow Jones industrial average slipping 0.3 percent to 26,287.44, while the S&P 500 fell 0.7 percent to 2918.65.

But in Seoul, most large caps traded higher, with market kingpin Samsung Electronics rising 1.39 percent and global chipmaker SK hynix moving up 1.36 percent.

POSCO, the country's No. 1 steelmaker, gained 0.96 percent, while its smaller rival Hyundai Steel advanced 0.94 percent.

Auto shares were mixed, with top automaker Hyundai Motor sliding 0.75 percent and its smaller affiliate Kia Motors climbing 1.04 percent. Auto parts maker Hyundai Mobis dipped 1.03 percent.

The local currency was trading at 1,215.20 won against the U.S. dollar, down 4.7 won from the previous session's close.


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