Seoul: South Korean stocks extended gains late Thursday morning, tracking overnight advances on Wall Street and supported by performances in tech and auto shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.32 points, or 0.45 percent, to 3,212.46 as of 11:20 a.m.
According to Yonhap News Agency, U.S. stocks closed higher overnight, led by tech gains, as investors shrugged off U.S. President Donald Trump's latest tariff measure announcements. The Dow Jones Industrial Average rose 0.18 percent, while the tech-heavy Nasdaq Composite climbed 1.21 percent.
Individuals in South Korea bought a net 13.2 billion won (US$9.5 million) worth of stocks, while institutions and foreigners offloaded a net 13.05 billion won and 40.74 billion won of stocks, respectively. In Seoul, tech and auto stocks led the gains.
Market bellwether Samsung Electronics rose 2.18 percent on news that the chipmaker will manufacture Apple Inc.'s next-generation processor at its foundry in Austin, Texas. The tech giant also benefited from comments by the country's top trade envoy, suggesting that Korean semiconductor firms will not be subject to 100 percent U.S. chip tariffs as announced by Trump.
On Thursday, Trade Minister Yeo Han-koo stated on the radio that Korea will face the most favorable U.S. tariff rates on chips under the trade deal between Seoul and Washington. Top carmaker Hyundai Motor advanced 0.95 percent following reports that the Korean automaker and General Motors will jointly develop five new models for North American markets.
Top shipbuilder HD Hyundai Heavy Industries jumped 3.38 percent, while tech firm Kakao surged 7.57 percent, and leading battery maker LG Energy Solution edged up 1.17 percent. Among decliners, major steelmaker POSCO Holdings slipped 1.17 percent, and top refiner SK Innovation dropped 1.01 percent.
The local currency was trading at 1,383.60 won against the U.S. dollar at 11:20 a.m., up 5.9 won from the previous session.