Seoul: South Korean stocks extended their gains late Thursday morning as auto and information technology (IT) shares sharply gained ground. The benchmark Korea Composite Stock Price Index (KOSPI) had added 22.65 points, or 0.89 percent, to 2,580.78 as of 11:20 a.m.
According to Yonhap News Agency, overnight, major U.S. shares rebounded as investor sentiment improved after the Donald Trump administration suspended new auto duties on Mexico and Canada for a month and signaled it is open to more tariff negotiations. The S and P 500 gained 1.12 percent, and the Dow Jones Industrial Average increased 1.14 percent, while the tech-heavy Nasdaq rose 1.46 percent.
In Seoul, auto and IT shares were bullish. Top carmaker Hyundai Motor gained 1.28 percent, and its sister Kia jumped 2.19 percent. Internet portal operator Naver shot up 5.06 percent and Kakao, the operator of the country's dominant mobile messenger, surged 4.06 percent on expectations on their artificial intelligence business.
Financial shares also gained ground, with Meritz Financial up 3.92 percent and Shinhan Financial up 3.14 percent. Steel giant POSCO Holdings soared 6.69 percent. Tech giant Samsung Electronics rose 0.94 percent, but its chipmaking rival SK hynix inched down 0.05 percent. Leading defense firm Hanwha Aerospace shed 2.45 percent, and major shipbuilder Hanwha Ocean dropped 1.12 percent.
The local currency was trading at 1,440 won against the U.S. dollar at 11:20 a.m., sharply up 14.5 won from the previous session.