Seoul: South Korean stocks extended gains late Friday morning, heading toward setting another record high after days of record rallies, as easing tensions between the United States and China boosted hopes for a trade deal. The benchmark Korea Composite Stock Price Index (KOSPI) had gained 77.95 points, or 2.03 percent, to 3,923.51 as of 11:20 a.m.
According to Yonhap News Agency, the index opened higher as a planned meeting between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, at the sidelines of the upcoming Asia-Pacific Economic Cooperation meeting, raised hopes of easing trade tensions. Large-cap shares traded higher, with tech shares leading the gain.
Among heavyweights, chip giant Samsung Electronics increased 2.49 percent, and rival SK hynix jumped 6.17 percent. Leading battery maker LG Energy Solution went up 4.92 percent. Among decliners, defense giant Hanwha Aerospace went down 1.81 percent.
The local currency was trading at 1,434.5 won against the greenback as of 11:20 a.m., up 5.1 won from the previous session's close.