SEOUL, Jan. 25 (Yonhap) — South Korean stocks extended gains late Wednesday morning on tech gains, as investors anticipate a slower pace of rate hikes by the Federal Reserve.
The benchmark Korea Composite Stock Price Index (KOSPI) had advanced 33.13 points, or 1.38 percent, to 2,428.39 as of 11:20 a.m., marking the first time since Tuesday last week it surpassed the 2,400 mark.
Local stocks got off to a strong start as institutional and foreign investors continued to snap up blue chip tech shares amid optimism the U.S. central bank could go easy on its rate hikes in the February meeting.
Most market heavyweights gathered ground.
Top-cap Samsung Electronics added 2.59 percent, while No.2 chipmaker SK hynix advanced 4.45 percent.
Major chemical firm LG Chem was up 3.84 percent, top auto maker Hyundai Motor inched up 1.09 percent, and portal operator Naver was 3.32 percent higher from the previous session.
Among decliners, POSCO Holdings dipped 0.97 percent, and cosmetics and household goods maker LG Household & Health Care retreated 2.25 percent.
The local currency had been changing hands at 1,232.7 won against the greenback, up 2.8 won from the previous session’s close, as of 11:20 a.m.