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Seoul stocks extend gains late Friday morning

Seoul stocks extended gains late Friday morning as investor sentiment was further boosted by reports of an imminent US-China trade deal. The Korean won gained further against the US dollar.  

The benchmark Korea Composite Stock Price Index rose 29.08 points, or 1.4 percent, to 2,166.43 as of 11:20 a.m.  

The main index opened higher and gained further for a sixth straight session as the United States and China are reportedly getting very close to signing a trade deal, with US President Donald Trump expected to call off new tariffs on Chinese goods Sunday (local time), analysts said.  Foreigners and institutions bought a combined 477 billion won ($407 million) worth of stocks, offsetting individuals' selling of stocks worth 483 billion won.  


Most large-cap stocks rose across the board.  

Market bellwether Samsung Electronics jumped 2.1 percent, and No. 2 chipmaker SK hynix soared 4.9 percent, leading steelmaker POSCO gained 3 percent.  

Among decliners, top carmaker Hyundai Motor fell 0.4 percent, No. 1 auto parts maker Hyundai Mobis declined 0.4 percent, and state-run utility Korea Electric Power Corp. shed 1.3 percent.  

The local currency was trading at 1,172.45 won against the US dollar, up 14.35 won from the previous session's close. (Yonhap)