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Korean shares extend rally ahead of presidential election

South Korean shares extended a rally late Monday morning amid hopes for economic stimulus a day before voters go to the polls to choose their president.

The benchmark Korea Composite Stock Price Index gained 13.85 points, or 0.62 percent, to a record intra-day high of 2,255.09 as of 11:20 a.m.

The Kospi index touched its highest-ever close of 2,241.24 points last week, helped by foreign buying and healthy corporate earnings.

Large caps traded mixed with market kingpin Samsung Electronics remaining flat and global chipmaker SK hynix up 0.72 percent.

Top automaker Hyundai Motor rose 1.32 percent, while its smaller affiliate Kia Motors traded 0.71 percent lower.

Posco, the No. 1 steelmaker, fell 1.3 percent.

Naver, the operator of the country's top Internet portal, rose 0.97 percent.

The local currency was trading at 1,132.75 won against the US dollar, down 0.05 won from the previous session's close. (Yonhap)

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