S. Korean shares up in late morning trade

SEOUL, June 9 (Yonhap) -- South Korean shares traded higher late Thursday morning on the central bank decision to slash its policy rate by 25 basis points, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.94 points, or 0.19 percent to 2,031.02 as of 11:20 a.m.

Earlier on Thursday, the Bank of Korea slashed the key rate to a new record low of 1.25 percent for June, marking the first rate cut in 12 months.

Market kingpin Samsung Electronics added 1.64 percent and global chipmaker SK hynix rose 2.45 percent, while top automaker Hyundai Motor shed 0.36 percent.

No. 2 automaker Kia Motors slipped 0.75 percent.

Top steelmaker POSCO dropped 2.23 percent and No.1 refiner SK Innovation shed 1.56 percent.

The local currency was trading at 1,150.5 won against the U.S. dollar, up 1.2 won from the previous session's close.

khj@yna.co.kr
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