SEOUL– Seoul shares extended gains late Wednesday morning, with investors eyeing the impact of U.S. House Speaker Nancy Pelosi’s trip to Taiwan amid recession worries.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.20 points, or 0.50 percent, to trade at 2,451.82 points as of 11:20 a.m.
Escalating tension between China and the U.S. over Pelosi’s Taiwan trip on Tuesday could weigh on the sentiment of investors already spooked by a possible global slowdown and surging inflation, analysts said.
Institutions and foreigners bought a combined 122 billion won (US$93 million) worth of stocks, offsetting individuals’ stock selling valued at 118 billion won.
In Seoul, most large-cap stocks advanced across the board.
No. 2 chipmaker SK hynix Inc. rose 0.2 percent, leading home appliance maker LG Electronics Inc. climbed 0.1 percent, and top carmaker Hyundai Motor Co. gained 0.8 percent.
Among decliners, market bellwether Samsung Electronics Co. fell 0.8 percent, the country’s sole aircraft manufacturer Korea Aerospace Industries Co. declined 0.3 percent, and No. 2 carmaker Kia Corp. shed 0.5 percent.
The local currency was trading at 1,307.70 won against the U.S. dollar, down 3.00 won from the previous session’s close.
Source: Yonhap News Agency