Seoul shares up 0.94 pct in late morning trade

South Korean stocks traded 0.94 percent higher late Wednesday morning on strong battery and semiconductor shares.

The benchmark Korea Composite Stock Price Index (KOSPI) had advanced 24.26 points to 2,598.24 as of 11:20 a.m.

Overnight, Wall Street suffered a decline in its three major stock indices due to concerns over the health of the U.S. economy after 10 local banks had their credit rating cut by Moody's.

In Seoul, battery manufacturers and chipmakers led the rise.

Top battery maker LG Energy Solution jumped 4 percent and Samsung SDI gained 2.61 percent, while No. 1 memory chipmaker Samsung Electronics rose 1.78 percent and its rival SK hynix added 0.25 percent.

But auto shares went south as major carmaker Kia lost 0.51 percent and its auto parts-making affiliate Hyundai Mobis retreated 0.44 percent.

The local currency was trading at 1,320.45 won against the U.S. dollar at 11:20 a.m., down 4.75 won from Tuesday's close.

Source: Yonhap News Agency

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