Seoul shares up nearly 2 pct late Fri. morning

South Korean stocks traded almost 2 percent higher late Friday morning as big-cap shares gained ground across the board on eased U.S. economic recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) had risen 48.01 points, or 1.82 percent, to 2,692.51 as of 11:20 a.m. Overnight, major U.S. indexes rallied as the latest retail sales data showed that shoppers are still driving the economy. The U.S. consumer price index for July, released while the Korean stock markets were closed for the Liberation Day holiday on Thursday, also strengthened bets the Federal Reserve will start cutting its rates soon. Market bellwether Samsung Electronics advanced 2.46 percent, and its chipmaking rival SK hynix shot up 6.16 percent. Top automaker Hyundai Motor soared 5.19 percent, and its smaller affiliate Kia jumped 3.32 percent. Its auto parts-making affiliate, Hyundai Mobis, climbed 2.75 percent. Financial firms were also bullish, with Shinhan Financial up 1.45 percent and Hana Financial up 0.82 percent. Trading firm Samsung C and T also gained 4.8 percent, and Celltrion, a major bio firm, increased 2.26 percent after the company announced it will not merge with its chemical drug-producing unit on shareholders' disapproval. The local currency was trading at 1,359.2 won against the U.S. dollar, up 1.4 won from the previous session's close. Source:Yonhapi News Agency