Seoul: South Korean stocks were trading slightly higher late Wednesday morning as investors went bargain hunting for tech and semiconductors. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.19 points, or 0.6 percent, to 4,023.32 as of 11:20 a.m.
According to Yonhap News Agency, the KOSPI bounced back to the 4,000 mark after closing at a nine-day low the previous session amid concerns over artificial intelligence (AI) sector valuations. Overnight, U.S. stocks closed mixed, with investors trying to digest November labor market data, where job numbers increased, but the country's employment rate rose to its highest level in four years. The S and P 500 fell 0.24 percent, while the tech-heavy Nasdaq inched up 0.23 percent.
In Seoul, large cap shares were trading mixed. Market top-cap Samsung Electronics rose 2.72 percent, while its chipmaking rival SK hynix slid 0.94 percent. Top carmaker Hyundai Motor stayed flat, defense giant Hanwha Aerospace advanced 1.71 percent, and portal operator Naver dipped 0.43 percent.
The Korean won was quoted at 1,480.7 won against the U.S. dollar as of 11:20 a.m., down 3.7 won from the previous session's close.