Seoul: South Korean stocks traded higher late Monday morning, led by gains in major chemical and tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 28.27 points, or 0.93 percent, to 3,084.21 as of 11:20 a.m.
According to Yonhap News Agency, the index opened higher and extended gains further on solid institutional buying, despite foreign and individual investors remaining in a selling mode. Investors are closely monitoring negotiations with the United States concerning Washington's aggressive tariff scheme, with 10 days remaining before the U.S.' country-specific tariffs are set to resume.
Investors received positively the signs of progress in trade talks between the U.S. and China, which drove the S and P 500 and the tech-heavy Nasdaq to reach all-time highs on Friday. In Seoul, most major tech shares increased in value. Chip giant SK hynix surged 2.99 percent, and leading battery maker LG Energy Solution rose 2.95 percent. However, market bellwether Samsung Electronics experienced a decrease of 0.58 percent due to profit-taking.
Top chemical firm LG Chemical advanced 1.2 percent, while No. 1 steelmaker POSCO Holdings climbed 1.15 percent. Nuclear power plant manufacturer Doosan Enerbility increased by 2.28 percent following news that its president, Kim Jung-kwan, was nominated as industry minister.
Carmakers showed mixed results, with top automaker Hyundai Motor rising 0.49 percent, while its sister affiliate Kia decreased by 0.1 percent. Leading financial firm KB Financial saw a gain of 1.45 percent, whereas defense systems giant Hanwha Aerospace fell 2.47 percent. The local currency was trading at 1,355.05 won against the U.S. dollar at 11:20 a.m., up 2.35 won from the previous session.