Seoul: Seoul shares extended gains late Thursday morning helped by gains of top-cap Samsung Electronics and other tech stocks. The benchmark Korea Composite Stock Price Index (KOSPI) had risen 14.26 points, or 0.54 percent, to 2,642.88 as of 11:20 a.m. The main index opened higher, tracking gains on Wall Street after the U.S. Federal Reserve held interest rates steady.
According to Yonhap News Agency, overnight U.S. stocks rallied as Fed Chair Jerome Powell signaled some confidence about the U.S. economic outlook. His remarks helped sooth nerves among investors due to Donald Trump's ever-changing tariff policies. The Dow Jones Industrial Average rose 0.92 percent, and the tech-heavy Nasdaq composite advanced 1.41 percent.
Institutions and foreigners bought 144 billion won (US$99 million) worth of stocks, offsetting individuals' stock selling valued at 178 billion won. In Seoul, tech and battery stocks led gains. Market bellwether Samsung Electronics rose 2.05 percent, while No. 2 chipmaker SK hynix climbed 0.73 percent. Leading battery maker LG Energy Solution gained 0.3 percent, and No. 2 battery firm Samsung SDI jumped 5.52 percent.
Among decliners, top carmaker Hyundai Motor fell 0.25 percent, and its smaller affiliate Kia declined 0.93 percent. The local currency was trading at 1,458.00 won against the U.S. dollar at 11:20 a.m., down 4.6 won from the previous session.