Seoul stocks extend gains late Wed. morning on tech buying

The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap

Seoul stocks were trading higher late Wednesday morning, as foreign investors snapped up tech heavyweights.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 373.89 points, or 5.54 percent, to 7,121.84 as of 11:20 a.m.

The index extended its gains after rising sharply higher on bargain hunting.

Overnight U.S. stocks also gained ground, led by semiconductors while investors closely follow the upcoming earnings releases from major big tech companies.

The upcoming results, including their capital expenditure guidance, will provide hints on whether the massive spending on artificial intelligence (AI) infrastructure can translate into sustainable revenues.

Most market top-caps moved upward.

Chip giant Samsung Electronics rose 5.6 percent, while its industry rival SK hynix added 7.84 percent.

Top carmaker Hyundai Motor climbed 6.89 percent, defense giant Hanwha Aerospace advanced 2 percent, and major financial firm KB Financial inched up 0.63 percent.

The Korean won was quoted at 1,480.5 won against the U.S. dollar, up 1.5 won from the day before.