South Korean stocks traded sharply higher late Thursday morning as investor sentiment was boosted by hopes for a U.S. rate cut. The benchmark Korea Composite Stock Price Index had added 21.61 point, or 0.79 percent, to 2,751.95 as of 11:20 a.m. The latest data showed that U.S. inflation slowed down slightly in April, raising hopes that the Federal Reserve will cut key rates in the coming months. In Seoul, large-cap shares led the upbeat mode. Tech giant Samsung Electronics, the largest share in terms of market cap, advanced 0.26 percent and No. 2 SK hynix jumped 4.1 percent. Steel giant POSCO Holdings climbed 0.12 percent, and leading zinc smelter Korea Zinc rose 2.35 percent. Top online portal operator Naver increased 2.06 percent, and major commercial banking group KB Financial Group went up 3.89 percent. The local currency was trading at 1,351.35 won against the U.S. dollar at 11:20 a.m., up 17.75 won from the previous session's close. Source: Yonhap News Agency
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