Seoul: South Korean stocks traded higher late Tuesday morning as foreign investors snapped up shares in tech and semiconductors amid eased woes over a possible trade war between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 37.12 points, or 1.04 percent, to 3,621.67 as of 11:20 a.m.
According to Yonhap News Agency, overnight, Wall Street's major indexes gathered ground after U.S. President Donald Trump softened his tone on China, indicating optimism in the trade relations by stating it "will all be fine" and that the U.S. does not want to hurt China. This sentiment uplifted most large cap shares.
Market bellwether Samsung Electronics added 0.11 percent, with its rival SK hynix advancing 2.95 percent. Battery makers also showed gains after shares of Tesla rose overnight by more than 5 percent on reports that the electric vehicle maker has begun increasing production at its Shanghai Gigafactory in China, its largest production facility. Consequently, LG Energy Solution jumped 7.36 percent, and Samsung SDI moved up 5.11 percent.
The local currency was quoted at 1,427.5 won against the greenback as of 11:20 a.m., marking a decrease of 1.6 won from the previous session's close.