Seoul shares extend gains in late morning trading

SEOUL, Feb. 18 (Yonhap) -- South Korean stocks extended gains late Monday morning as foreigners and institutions increased their purchases buoyed by reports of U.S.-China trade talks progress.

The benchmark Korean Composite Stock Price Index (KOSPI) rose 18.14 points, or 0.83 percent, to 2,214.23 as of 11:20 a.m.

Foreigners and institutions bought a combined 189.7 billion won (US$169 million) worth of stocks, offsetting individuals' net selling valued at 189 billion won.

Hopes of a trade deal between the world's two biggest economies ahead of the March 1 deadline are helping the main index, analysts said.

This week, talks to resolve the bilateral trade war will continue in Washington, with both sides saying negotiations in Beijing last week made good headway.

Tech stocks led gains, with market bellwether Samsung Electronics Co. rising 1.19 percent and No. 2 chipmaker SK hynix Inc. gaining 1.63 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 0.41 percent, leading steelmaker POSCO decreased 0.75 percent, and the state-run utility Korea Electric Power Corp. shed 0.90 percent.

The local currency was trading at 1,124.30 won against the U.S. dollar, up 4.4 won from the previous session.

kyongae.choi@yna.co.kr
(END)