SEOUL, Aug. 18 (Yonhap) -- Seoul shares trimmed earlier gains late Tuesday morning on profit-taking amid fading hopes for a deal to end the war between the United States and Iran.

After opening 2 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) pared its gains to trade 48.32 points, or 0.69 percent, higher at 7,026.26 as of 11:20 a.m.

Retail investors and institutions sold a net 804.7 billion won (US$570 million) and 219.9 billion won worth of stocks, respectively, while foreigners bought a net 1.07 trillion won.

Overnight, the Dow Jones Industrial Average shed 0.51 percent, while the tech-heavy Nasdaq composite declined 0.32 percent.

Elevated oil prices stoked inflation concerns, while prospects for a deal with Iran dimmed after U.S. President Donald Trump said he was not interested in extending an agreement with Iran that was set to expire.

In Seoul, tech stocks continued to lead gains.

Market bellwether Samsung Electronics rose 0.46 percent, and its chipmaking rival SK hynix jumped 4.07 percent.

Leading refiner SK Innovation climbed 3.11 percent, and shipping firm HMM surged 6.12 percent.

Among decliners, top carmaker Hyundai Motor fell 1.77 percent and defense giant Hanwha Aerospace declined 1.55 percent.

The Korean won was trading at 1,411.45 won against the U.S. dollar as of 11:20 a.m., up 4.15 won from the previous stock market session's close.

kyongae.choi@yna.co.kr

(END)

  • BTS' V reveals hearing loss, Jungkook performs through shin injury on world tour
  • Actor Ha Young apologizes over controversy surrounding family's pro-Japanese past
  • N. Korea silent on Lee's proposal for dialogue to officially end Korean War
  • (2nd LD) Lee proposes dialogue with N. Korea to officially end Korean War, halt Pyongyang's nuclear program

  • Actor Park Eun-bin to release album marking 30-year career

  • BTS' V reveals hearing loss, Jungkook performs through shin injury on world tour

  • N. Korea silent on Lee's proposal for dialogue to officially end Korean War
  • Actor Ha Young apologizes over controversy surrounding family's pro-Japanese past
  • Trump signs memo permitting foreign shipbuilders to build up to 2 U.S. ships in their shipyards

  • (LEAD) Lee reiterates support for four-year, two-term presidential system

  • (3rd LD) Trump orders Pentagon to 'substantially' reduce S. Korea-U.S. military exercises

  • Presidential office expects N. Korea-U.S. leaders' friendship to lead to dialogue
  • Son Heung-min's MLS scoring streak snapped at 4 matches
  • (LEAD) Trump says N. Korea's Kim has responded to his dialogue overture
  • (LEAD) More than 800 mm of rain pummels Geoje, southeastern region; 1 killed in landslide