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Seoul shares extended gains late Wednesday morning, led by Samsung Electronics, despite concerns over lingering market jitters two days after massive selloffs due to fears of a U.S. recession.
The benchmark Korea Composite Stock Price Index (KOSPI) added 61.04 points, or 2.42 percent, to 2,583.19 as of 11:20 a.m.
The main index ended 3.3 percent higher Tuesday after plunging nearly 9 percent a day earlier due to massive selloffs amid concerns over a recession in the United States.
Overnight, the Dow Jones Industrial Average rose 0.76 percent to 38,997.66, and the tech-heavy Nasdaq Composite climbed 1.03 percent to 16,366.85.
Individuals bought a net 237.46 billion won (US$173 million) worth of stocks, offsetting institutions and foreigners’ stock selling valued at 258.68 billion won.
In Seoul, most large-cap stocks advanced.
Market bellwether Samsung Electronics Co. jumped 4.3 percent, No. 2 chipmaker SK hynix Inc. climbed 3.1 percent, top carmaker Hyundai Motor Co. gained 1.7 percent, and national fla
g carrier Korean Air Co. was up 20,400 won.
Among decliners, leading battery maker LG Energy Solution Ltd. fell 0.5 percent, leading auto parts maker Hyundai Mobis Co. declined 0.2 percent, and cosmetics firm Amorepacific Corp. plunged 24 percent after posting a 30 percent on-year slump in operating profit in the second quarter due to weak sales in China.
The local currency was trading at 1,376.40 won against the U.S. dollar, down 0.8 won from the previous session.
Source: Yonhap News Agency
