Seoul: South Korean stocks extended gains late Wednesday morning, aided by gains in chips and bio shares, amid escalating trade tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 64.05 points, or 1.8 percent, to 3,625.86, as of 11:20 a.m.
According to Yonhap News Agency, institutional and foreign investors lifted the KOSPI as they purchased blue chip stocks in the semiconductors, finance, and bio sectors. Investors are keeping an eye on escalating tariff tensions between the U.S. and China, which reignited overnight after President Donald Trump threatened to cut off cooking oil trade with China.
Most large-cap shares were trading higher. Samsung Electronics added 2.18 percent, and its rival SK hynix inched up 0.12 percent. Bio shares were in positive territory, with Samsung Biologics vaulting 7.5 percent and Celltrion moving up 1.18 percent.
Carmakers, on the other hand, lost ground, with top carmaker Hyundai Motor sliding 0.45 percent and its sister company Kia inching down 0.1 percent. The local currency was quoted at 1,424.9 won against the greenback as of 11:20 a.m., up 6.1 won from the previous session's close.