Seoul shares up late Thurs. morning on rate-cut hopes

South Korean stocks traded higher late Thursday morning as investors were boosted by the U.S. Federal Reserve's dovish stance. The benchmark Korea Composite Stock Price Index had added 0.3 percent to 2,779.1 as of 11:20 a.m. After freezing its policy rate Wednesday (U.S. time), the U.S. central bank hinted at a possible rate cut at its upcoming rate-setting meeting. In Seoul, large-cap shares traded in positive territory. Top carmaker Hyundai Motor advanced 2.21 percent, and steel giant POSCO Holdings climbed 0.85 percent. Leading internet portal operator Naver added 0.4 percent, and No.1 mobile carrier SK Telecom increased 0.18 percent. Samsung Electronics, the world's largest memory chipmaker, stayed flat, and its rival SK hynix edged up 1.23 percent amid news reports that the U.S. government is considering imposing a ban on exports of artificial intelligence memory chips and equipment to China. The local currency was trading at 1,367.2 won against the U.S. dollar, up 9.3 won from the previous sessio n. Source: Yonhap News Agency