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Seoul shares extend gains late morning as techs advance

Stocks 11:31 May 13, 2022

SEOUL, May 13 (Yonhap) -- Seoul shares extended gains late Friday morning, as technology stocks advanced amid concerns over further US monetary tightening and a global economic slowdown.

The Korea Composite Stock Price Index (KOSPI) had risen 42.13 points, or 1.65 percent, to 2,592.21 as of 11:20 a.m.

The main index rebounded after losing ground in the past eight sessions until Thursday, as investors worried the Federal Reserve will deliver a series of big-step rate hikes in the months to come to tame elevated inflation.

Institutions bought a net 381 billion won (US$296 million) worth of stocks, exceeding foreigners and individuals' selling valued at 370 billion won.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. rose 2.3 percent, No. 2 chipmaker SK hynix Inc. climbed 2.8 percent, and LG Display Co. gained 1.5 percent. Top carmaker Hyundai Motor Co. jumped 3.1 percent, and national flag carrier Korean Air Lines Co. was up 1.6 percent.

Among decliners, state-run Korea Gas Corp. fell 0.5 percent, and No. 2 wireless services provider KT Corp. declined 0.4 percent, while Samsung Biologics Co. shed 0.3 percent.

The local currency had been trading at 1,287.70 won against the dollar as of 11:20 a.m., down 0.90 won from the previous session's close.


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