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Korean shares extend gains in late morning trade

April 21, 2017 - 11:43 By Korea Herald

South Korean stocks extended gains late Wednesday morning on a rebound in tech and telecom stocks. The won rose against the US dollar. 

The benchmark Korea Composite Stock Price Index advanced 18.45 points, or 0.86 percent, to 2,167.60 as of 11:20 a.m.

Foreign and institutional investors bought a combined 123.4 billion won ($108 million) worth of stocks, while individuals shed 115.26 billion won worth of stocks, keeping the KOSPI from rebounding further.    

Market bellwether Samsung Electronics led the market gain, rebounding from a five percent loss in the past five sessions. The tech giant jumped 2.68 percent. Major chipmaker SK hynix climbed 1.36 percent.

Telecommunications stocks also advanced, with No. 1 mobile carrier SK Telecom gaining 0.40 percent helped by strong demand for Samsung Electronics' new Galaxy S8 and S8 Plus smartphones.  

Auto and refiner stocks were among decliners. Top carmaker Hyundai Motor fell 0.35 percent and leading refiner SK Innovation was down 0.31 percent.

The local currency was trading at 1,138.10 won against the US dollar, up 1.70 won from the previous session's close. (Yonhap)