Seoul shares extend gains late Fri. morning ahead of U.S. data

Seoul shares extended gains late Friday morning as investors await U.S. jobs data this week for clues on the Federal Reserve's future policy path. The benchmark Korea Composite Stock Price Index (KOSPI) gained 34 points, or 1.2 percent, to 2,858.94 as of 11:20 a.m. Institutions and foreigners bought a combined 1.29 trillion won (US$930 million) worth of stocks, offsetting individuals' stock selling valued at 1.26 trillion won. The U.S. jobs report due Friday (U.S. time) is forecast to show a slight slowdown or stability in June, raising hopes that the Fed will cut interest rates within this year. In Seoul, tech and auto stocks led gains. Market bellwether Samsung Electronics Co. rose 1.9 percent, No. 2 chipmaker SK hynix Inc. climbed 2.4 percent, top automaker Hyundai Motor Co. gained 0.4 percent, and its smaller affiliate Kia Corp. was up 0.6 percent. Among decliners, leading battery maker LG Energy Solution Ltd. fell 1 percent, leading refiner SK Innovation Co. declined 1.8 percent, and refiner S-Oil Corp. was down 0.7 percent. The local currency was trading at 1,379.00 won against the U.S. dollar, up 1.4 won from the previous session's close. Source: Yonhap News Agency