South Korea's main stock index swung between gains and losses late Wednesday morning as investors try to digest the policies of new President Moon Jae-in.

The benchmark Korea Composite Stock Price Index rose 2.98 points, or 0.13 percent, to 2,295.74 as of 11:20 a.m. It hit a new intra-day record of 2,323.32 points at one point, but backtracked to 2,290.08 at another point. 

Large caps traded mixed with market kingpin Samsung Electronics falling 1.15 percent, and global chipmaker SK hynix up 0.18 percent. Top automaker Hyundai Motor added 0.32 percent, and its smaller affiliate Kia Motors traded 1.96 percent higher.

Posco, the No. 1 steelmaker, advanced 1.3 percent.

The local currency was trading at 1,133.45 won against the US dollar, down 2.05 won from the previous session's close. (Yonhap)