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Seoul stocks extend gains on trade optimism

11:28 October 22, 2019

SEOUL, Oct. 22 (Yonhap) -- Seoul stocks extended their gains late Tuesday morning due to improved market sentiment over U.S.-China trade negotiations.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.72 points, or 0.86 percent, to 2,082.56 as of 11:20 a.m.

The index had a solid start, tracking overnight Wall Street gains that were boosted by signs of progress toward a U.S.-China trade agreement. The Dow Jones industrial average climbed 0.21 percent to close at 26,827.64, while the Nasdaq composite added 0.91 percent to 8,162.99.

U.S. President Donald Trump earlier said he hopes a trade deal will be signed by the time of the Asia-Pacific Economic Cooperation meeting in Chile in mid-November.

In Seoul, most large caps were mixed.

Market kingpin Samsung Electronics rose 1.39 percent, and No. 2 chipmaker SK hynix advanced 1.94 percent.

Leading pharmaceutical firm Celltrion spiked 4.40 percent, while South Korea's No. 1 steelmaker POSCO surged 1.81 percent.

However, top carmaker Hyundai Motor dropped 0.41 percent, while its sister company Kia Motors lost 0.37 percent.

The local currency was trading at 1,172.80 won against the U.S. dollar, down 0.80 won from the previous session's close.
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