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Seoul shares extend gains as tech shares advance

All News 11:45 July 03, 2018

SEOUL, July 3 (Yonhap) -- South Korean stocks extended their gains late Tuesday morning as chipmakers offset losses in other sectors. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.04 points, or 0.35 percent, to 2,279.58 as of 11:20 a.m. The main index fell 3.6 percent during the past seven sessions through Monday.

Foreigners bought a net 59.77 billion won (US$54 million) worth of stocks, offsetting institutions' net selling valued at 59.74 billion won.

As planned U.S. rate hikes this year and escalating tension over a trade dispute between the United States and China remain uncertainties for exporters, the main index won't likely to rise sharply in coming weeks, analysts here said.

Market bellwether Samsung Electronics Co. rose 1.87 percent, No. 2 chipmaker SK hynix Inc. climbed 2.51 percent. Leading auto parts maker Hyundai Mobis Co. gained 1.22 percent.

But state-run utility Korea Electric Power Corp. fell 1.85 percent and No. 1 refiner SK Innovation Co. declined 1.86 percent.

The South Korean currency was trading at 1,121.90 won against the U.S. dollar as of 11:20 a.m., down 1.90 won from the previous session's close.

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