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Seoul shares trim earlier gains late Tuesday morning

All Headlines 11:30 April 23, 2019

SEOUL, April 23 (Yonhap) -- Seoul stocks trimmed earlier gains late Tuesday morning as institutions increased their selling ahead of quarterly earnings releases, analysts said.

The Korea Composite Stock Price Index (KOSPI) rose 1.09 points, or 0.05 percent, to trade at 2,217.74 as of 11:20 a.m.

Institutions sold a net 73 billion won (US$64 million) worth of stocks. Foreigners and individuals bought a combined 67 billion won worth of stocks.

Analysts said the main index will move in a tight range as major firms such as Hyundai Motor are set to report their first-quarter earnings results from Wednesday.

Hyundai Motor, Kia Motors, POSCO and LG Chem are scheduled to release their quarterly earnings results this week.

Airline stocks were lead decliners due to rising oil prices and the won's weakness against the dollar.

On Monday (U.S. time), U.S. President Donald Trump decided not to extend sanctions waivers for Iranian oil by South Korea and other countries. South Korea, which heavily relies on Iranian condensate to produce petrochemical products, had been in talks with the U.S. to gain an extension to the waiver, which expires May 2.

National flag carrier Korean Air Lines Co. fell 3.84 percent, and No. 2 carrier Asiana Airlines Inc. declined 4.26 percent. No.1 budget carrier Jeju Air Co. shed 2.88 percent.

Among gainers, market bellwether Samsung Electronics Co. rose 0.33 percent, No. 2 chipmaker SK hynix Inc. climbed 0.62 percent and top carmaker Hyundai Motor Co. gained 1.49 percent.

The Korean won was trading at 1,139.50 won against the U.S. dollar, up 2.00 won from the previous session's close.
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