Seoul stocks up late Fri. morning amid rate-cut hopes

Seoul shares trimmed earlier gains late Friday morning after falls on Wall Street, as the U.S. economy grew at a slower-than-expected pace, reviving hopes for the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index had risen 10.70 points, or 0.41 percent, to 2,646.14 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average fell 0.86 percent to 38,111.48 points, and the tech-heavy Nasdaq composite declined 1.08 percent to 16,737.08. Institutions bought a net 427.21 billion won (US$309 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 414 billion won. Investors are awaiting U.S. consumption data due later in the day, which could offer clues on the Fed's future policy path. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. rose 0.8 percent, national flag carrier Korean Air Co. climbed 2 percent, leading car battery maker LG Energy Solution Ltd. gained 0.8 percent, and leading steelmaker POSCO Holdings was up 0.4 percent. Among decliners, top carmaker Hyundai Motor Co. fell 0.6 percent, Hybe, the K-pop powerhouse behind BTS, declined 3.9 percent, and the country's sole aircraft manufacturer Korean Aerospace Industries Co. was down 0.6 percent. The local currency was trading at 1,380.70 won against the U.S. dollar, down 1.3 won from the previous session's close. Source: Yonhap News Agency