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S. Korean shares extend gains in late morning trading

All News 11:37 January 09, 2019

SEOUL, Jan. 9 (Yonhap) -- South Korean shares extended gains late Wednesday morning as institutions turned net buyers amid signs of progress in the ongoing U.S.-China trade talks.

The benchmark Korea Composite Stock Prices Index rose 34.44 points, or 1.70 percent, to 2,059.71 as of 11:20 a.m.

Institutional investors and foreigners bought a combined 201.87 billion won (US$180 million) worth of stocks, outpacing 192.76 billion won worth of stock selling by individuals.

Investors are keen to see if Washington and Beijing could come up with any positive results in the trade talks which began this week. They appear to have taken a positive cue from U.S. President Donald Trump's tweeted comments.

"Talks with China are going very well!" Trump tweeted without elaborating as talks wound down late Tuesday in Beijing.

This week's meetings are the first face-to-face talks between the world's two largest economies since Trump and his Chinese counterpart Xi Jinping reached a 90-day ceasefire agreement after their trade war troubled global financial markets.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. jumped 2.62 percent, No. 2 chipmaker SK hynix Inc. climbed 4.39 percent, top carmaker Hyundai Motor Co. gained 2.09 percent and leading steelmaker POSCO was up 3.67 percent.

Among decliners, No. 1 wireless services provider SK Telecom Co. fell 1.09 percent, and state-run Korea Electric Power Corp. shed 2.68 percent.

The Korean won traded at 1,122.20 won against the U.S. dollar, up 1.90 won from the previous session's close.


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