Seoul shares trade higher late Fri. morning

South Korean stocks continued to trade higher late Friday morning as investors were boosted by hopes for U.S. Federal Reserve rate cuts. The benchmark Korea Composite Stock Price Index (KOSPI) had increased 20.94 points, or 0.8 percent, to 2,634.74 as of 11:20 a.m. The advance came amid the growing expectations that the Fed may cut its key rates earlier than expected. Battery makers gained ground following overnight gains for Tesla in the U.S. market, with LG Energy Solution rising 3.29 percent and Samsung SDI advancing 5.7 percent. Other tech shares lost ground, with Samsung Electronics falling 0.14 percent and No. 2 chipmaker SK hynix losing 0.67 percent. Top carmaker Hyundai Motor edged down 0.62 percent, and its smaller sister Kia shed 1.32 percent. The local currency was trading at 1,333.2 won against the U.S. dollar up 0.8 won from the previous session's close. Source: Yonhap News Agency