Seoul shares trim earlier gains late Tue. morning as investors lock in gains

SEOUL, Aug. 18 (Yonhap) -- After opening 2 percent higher, Seoul's benchmark KOSPI index trimmed its gains to 0.69 percent at 11:20 a.m. on Tuesday, as profit-taking took hold amid diminishing hopes for a resolution to the U.S.-Iran conflict. Retail investors and institutions collectively sold stocks worth 804.7 billion won and 219.9 billion won respectively, while foreigners purchased stocks at a net 1.07 trillion won.

The U.S. Dow Jones Industrial Average fell 0.51 percent, and the Nasdaq composite dipped 0.32 percent. Rising oil prices fueled inflation fears, and the prospect of an Iran deal faded after U.S. President Donald Trump expressed no interest in extending the existing agreement, set to expire. Tech giants Samsung Electronics and SK hynix led the gains, with SK Innovation and HMM shipping firm also climbing.

However, Hyundai Motor and Hanwha Aerospace suffered declines. The Korean won strengthened to 1,411.45 per U.S. dollar from the previous session's close.