Seoul: South Korean stocks traded markedly higher late Wednesday morning, as significant gains in big-cap tech shares were observed, following Wall Street's performance and amid easing concerns over the United States' extensive tariff scheme. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.01 points, or 1.78 percent, reaching 2,684.23 by 11:20 a.m.
According to Yonhap News Agency, the index opened positively, mirroring U.S. gains, and continued its upward trajectory due to buying activities by institutional and retail investors. Investors reacted positively to new indications of reduced apprehensions over the U.S. tariff plan, following President Donald Trump's decision to extend the deadline for imposing stringent tariffs on the European Union.
Most large-cap technology shares experienced a rise. Samsung Electronics, a market leader, increased by 3.53 percent, while chip manufacturer SK hynix climbed 2.96 percent. Leading battery producer LG Energy Solution saw a spike of 3.67 percent, and major steelmaker POSCO Holdings advanced by 4.64 percent. In the automotive sector, top automaker Hyundai Motor rose by 1.98 percent, with its sister company Kia advancing by 1.02 percent.
In the biotechnology sector, shares also rose with major firms like Samsung Biologics adding 0.39 percent and Celltrion edging up by 0.06 percent. Meanwhile, the local currency was trading at 1,374.85 won against the U.S. dollar at 11:20 a.m., marking a decrease of 5.35 won from the previous session.