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S. Korean shares extend gains in late morning trade

All Headlines 11:39 January 07, 2019

SEOUL, Jan. 7 (Yonhap) -- South Korean stocks extended gains late Monday morning on institutional buying, following a dovish turn by the Federal Reserve and ahead of imminent U.S.-China trade talks.

The benchmark Korea Composite Stock Prices Index gained 31.79 points, or 1.58 percent, to 2,042.04 as of 11:20 a.m.

Investors are keen to see how Chinese and other markets respond to the Fed's policy easing announced late on Friday (U.S. time) and how the first face-to-face trade negotiations of the year between Washington and Beijing will proceed.

Institutional investors bought 189.13 billion won (US$170 million) worth of stocks, buoying the main index. Foreigners bought a net 34 billion won worth of stocks. But individuals sold stocks valued at 194.24 billion won.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. rose 2.54 percent, No. 2 chipmaker SK hynix Inc. climbed 1.20 percent and top carmaker Hyundai Motor Co. gained 0.84 percent.

Among decliners, state-run utility Korea Electric Power Corp. fell 1.02 percent, leading cosmetics firm AmorePacific Corp. shed 0.54 percent and dominant tobacco company KT&G Corp. was down 0.50 percent.

The Korean won traded at 1,116.50 won against the U.S. dollar, up 8.00 won from the previous session's close.

kyongae.choi@yna.co.kr
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