Seoul stocks tad higher late Fri. morning on chip gains

Seoul stocks experienced a slight rise late Friday morning due to gains in major chipmakers, buoyed by investor hopes for shareholder returns. Early gains in the benchmark Korea Composite Stock Price Index (KOSPI) reversed earlier losses, with the index climbing 42.61 points, or 0.61 percent, to 6,894.69 by 11:20 a.m. U.S. Treasury yields began climbing Thursday, reversing much of the previous day's decline after the US Treasury announced an expanded bond buyback plan.

Overnight in the United States, the Dow Jones Industrial Average fell 1.32 percent, while the S&P 500 dropped 0.87 percent. The tech-focused Nasdaq Composite Index also dipped 1 percent. Major chipmakers helped lift the broader market in Seoul. Samsung Electronics, a market bellwether, increased 3.04 percent on reports of a potential new shareholder return package worth up to 110 trillion won ($79.7 billion). Its rival, SK hynix, also rose 3.61 percent, extending its rally following the stock market news.