Seoul stocks trade higher late Fri. morning on risk appetite

Seoul stocks demonstrated an upward trend late on Friday morning, fueled by remarks from a U.S. Federal Reserve official that eased worries of additional interest rate increases. The Korea Composite Stock Price Index (KOSPI) index rose by 81.74 points, or 1.24 percent, reaching 6,661.22, as of 11:20 a.m. Local time. The surge in risk appetite was attributed to Federal Reserve Governor Christopher Waller's indication of a more measured approach to further rate hikes.

South Korea's account surplus continued to expand in July, driven by robust exports spurred by the artificial intelligence (AI) boom, according to data from the Bank of Korea. July marked the 39th consecutive month of a surplus balance. Semiconductor leader Samsung Electronics gained 1.8 percent, while rival SK hynix increased by 2.57 percent.

Hyundai Motor Company saw a slight decline of 0.26 percent, while battery manufacturer LG Energy Solutions dropped 1.64 percent, and financial institution KB Financial experienced a 2.53 percent decrease. As of 11:20 a.m., the Korean won was valued at 1,358.1 won per U.S. dollar, a slight decline of 0.6 won from the previous trading session's close.