Seoul shares turn higher late Wed. morning on tech gains

Seoul shares turned higher late Wednesday morning on tech gains, with investors concerned over a possible slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.3 points, or 0.6 percent, to 2,587 as of 11:20 a.m. Overnight, U.S. stocks closed mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13. Institutions and foreigners bought a combined 150 billion won (US$108 million) worth of stocks, offsetting individuals' stock selling valued at 144 billion won. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. rose 1.2 percent, No. 2 chipmaker SK hynix Inc. gained 3.3 percent, top carmaker Hyundai Motor Co. rose 2.8 percent, and leading battery maker LG Energy Solution Ltd. climbed 1.6 percent. Among decliners, national flag carrier Korean Air Co. fell 1.3 percent, KG Mobility, formerly SsangYong Motor Co., declined 0.4 percent, and leadi ng shipping firm HMM shed 0.7 percent. The local currency was trading at 1,382.50 won against the U.S. dollar, down 2.4 won from the previous session. Source: Yonhap News Agency