Seoul shares tad up late Mon. morning

Seoul shares traded slightly higher late Monday morning as investors were digesting the U.S. Federal Reserve's big cut last week. The benchmark Korea Composite Stock Price Index rose 0.14 percent, or 3.61 points, to 2,596.98 as of 11:20 a.m. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday (U.S. time). The Fed kicked off its monetary-easing cycle by cutting its overnight lending rate by half a percentage point to a range of 4.75 percent to 5 percent and also pledged further rate cuts. Investors are also awaiting U.S. chipmaker Micron's earnings release Thursday. In Seoul, major chipmaker SK hynix led the increase. SK hynix soared 3.37 percent, while its chipmaking rival Samsung Electronics lost 0.48 percent. Bio shares were strong, with Samsung Biologics up 1.32 percent and Celltrion up 1.74 percent. Internet portal operator Naver also jumped 3 percent. Battery and financial shares were mixed. Leading battery maker LG Energy Solution gained 0.38 percent, but its smaller rival Samsung SDI edged down 0.13 percent. KB Financial added 0.84 percent, but Meritz Financial plunged 2.73 percent. Automakers lost ground, with Hyundai Motor down 1.2 percent and Kia down 1.61 percent. The local currency was trading at 1,336.90 won against the U.S. dollar, down 7.8 won from the previous session. Source: Yonhap News Agency