Seoul stocks up late Wednesday morning

SEOUL, June 5 (Yonhap) -- South Korean stocks traded sharply higher late Wednesday morning as the U.S. Federal Reserve signaled willingness to cut rates, boosting investor sentiment that remains fragile amid trade tension between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) added 10.54 points, or 0.51 percent, to 2,077.54 as of 11:20 a.m.

The index took a cue from an overnight rally on Wall Street, after Fed Chairman Jerome Powell left the door open for rate cuts later this year to boost the world's largest economy.

Tech heavyweights traded bullish. Market kingpin Samsung Electronics gained 1.27 percent, and SK hynix, the world's No. 2 memory chip maker, rose 1.69 percent.

Auto shares also advanced. Hyundai Motor, the nation's top automaker, increased 1.8 percent, and its sister company, Kia Motors, jumped 3.33 percent.

The local currency was changing hands at 1,179.0 won against the U.S. dollar, up 3.8 won from the previous session's close.

ejkim@yna.co.kr
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