Seoul shares up late Fri. morning on U.S. rate cut hopes

South Korean shares traded higher late Friday, slightly extending earlier gains that tracked record high finishes on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 6.18 points, or 0.22 percent, to 2,761.07 as of 11:20 a.m. The KOSPI has finished higher for three consecutive sessions, with the Nasdaq and S and P 500 climbing to record highs for three consecutive sessions. The U.S. indexes again reached new highs for a fourth consecutive session on Thursday (U.S. time), after the U.S. Fed indicated that a rate cut may be possible within the year at its latest Federal Open Market Committee meeting held earlier this week. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics spiked 1.78 percent, while its local chipmaking rival SK hynix tumbled 1.35 percent. Top battery maker LG Energy Solution retreated 1.65 percent, but its local rival Samsung SDS gained 0.53 percent. Leading automaker Hyundai Motor added 0.19 percent, while its smaller affiliate Kia surged 1.15 percent. The local currency was trading at 1,378.25 won against the U.S. dollar, down 4.35 won from the previous session's close. Source: Yonhap News Agency