Seoul shares extend gains late Thu. morning as oil prices ease
SEOUL, Sept. 3 (Yonhap) -- Seoul shares extended their gains late Thursday morni...
Seoul shares continued their upward trend late Thursday morning, buoyed by easing oil prices following U.S. President Donald Trump's remarks regarding a potential conflict with Iran. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.4 percent to 6,654.76 points by 11:20 a.m., compared to a 3.99 percent drop the day before.
The drop in the previous session was attributed to worries about Middle East tensions and the Federal Reserve's possible rate hikes. Meanwhile, the Dow Jones Industrial Average climbed 0.56 percent, and the tech-oriented Nasdaq composite gained 0.45 percent. President Trump indicated that any U.S. attacks on Iran would likely be brief, alleviating concerns about inflation.
Investors sold a total of 300.38 billion won worth of foreign stocks and 319.95 billion won in domestic shares. However, institutions increased their holdings by 17.79 billion won. Strong performers included Samsung Electronics, SK hynix, Hyundai Motor, and LG Energy Solution. Decliners included SK Telecom and Lotte Shopping. As of 11:20 a.m., the Korean won was trading at 1,358.60 won against the U.S. dollar, up 0.6 won from the previous session's close.
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