Seoul: South Korean stocks traded higher late Wednesday morning, as investors bolstered semiconductor, bio and other blue chips despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) gained 20.73 points, or 0.8 percent, to 2,622.53 as of 11:20 a.m.
According to Yonhap News Agency, all major U.S. stock indexes experienced a decline overnight, pausing after recent gains on Wall Street amid a lack of market-moving catalysts. The Dow Jones Industrial Average fell 0.27 percent, while the S and P 500 dropped 0.39 percent, and the tech-heavy Nasdaq composite shed 0.38 percent.
In Seoul, chip and bio shares led the overall gains. Market heavyweight Samsung Electronics rose 0.36 percent, and leading bio company Samsung Biologics surged 5.06 percent. Battery manufacturers and shipbuilders also saw positive trading, with leading battery manufacturer LG Energy Solution adding 0.36 percent, and shipbuilding giant HD Hyundai Heavy Industries gaining 1.76 percent.
Defense equipment and financial shares advanced as well. Top defense systems manufacturer Hanwha Aerospace climbed 1.1 percent, while Kookmin Financial added 0.93 percent. The local currency was trading at 1,385.45 won against the greenback at 11:20 a.m., up 6.95 won from the previous session.