Seoul stocks extend gains late Tues. morning amid rate woes

stocks-morning

Seoul stocks extend gains late Tues. morning amid rate woes

SEOUL, Jan. 10 (Yonhap) -- Seoul shares extended gains late Tuesday morning amid concerns over the Federal Reserve's rate hike plans following its officials' recent comments.

The benchmark Korea Composite Stock Price Index had risen 9.57 points, or 0.41 percent, to 2,359.76 points as of 11:20 a.m.

Fed officials signaled the U.S. central bank could raise rates to somewhere over 5 percent to tame inflation this year.

Tech, airline and chemical stocks led gains.

Market bellwether Samsung Electronics Co. rose 0.3 percent, No. 2 chipmaker SK hynix Inc. climbed 0.7 percent, national flag carrier Korean Air Co. gained 0.4 percent, leading car battery maker LG Energy Solution Co. jumped 4 percent, and LG Chem Ltd. was up 1.6 percent.

LG Energy and its affiliate LG Chem stocks got a boost from the news that LG Energy Solution is in talks with Ford Motor Co. to build a battery cell plant in Turkey.

Among decliners, top carmaker Hyundai Motor Co. fell 0.3 percent, its affiliate Kia Corp. declined 0.8 percent, and leading refiner SK Innovation Co. fell 0.7 percent.

SK Innovation declined as its wholly owned unit SK On considers withdrawing an initial accord with Ford to build a battery plant in Turkey amid higher interest rates and a global economic slowdown.

The local currency was trading at 1,237.15 won against the U.S. dollar, up 6.35 won from the previous session's close.

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