Seoul stocks extend gains late Monday morning

SEOUL, Nov. 25 (Yonhap) -- South Korean stocks traded higher late Monday morning, extending earlier gains that apparently followed eased concerns over the U.S.-China trade dispute.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 24.69 points, or 1.17 percent, to 2,126.65 as of 11:20 a.m.

The index earlier opened sharply higher, gaining 18.89 points, or 0.90 percent, in the first 15 minutes of trading.

The rally follows reports that Washington and Beijing may delay their plans to introduce fresh import tariffs on each others' goods that are set to take effect Dec. 15.

South Korea has also postponed the expiration of the General Security of Military Information Agreement (GSOMIA) with Japan, possibly signaling a future breakthrough in its own trade spat with the Asian neighbor.

Most large caps were in positive terrain.

Market bellwether Samsung Electronics leaped 1.74 percent, with No. 2 chipmaker SK hynix advancing 1.10 percent.

Leading automaker Hyundai Motor surged 1.21 percent, while its smaller affiliate Kia Motors added 0.68 percent.

The local currency gained ground against the U.S. dollar after the Seoul government vowed to take "necessary action" should market volatility expand.

The Korean won was trading at 1,175.45 won per dollar, up 3.45 won from the previous session's close.

bdk@yna.co.kr
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