Seoul: South Korean stocks traded markedly higher late Thursday morning, led by semiconductor shares, as Nvidia's strong quarterly report helped ease concerns over an artificial intelligence (AI) bubble. The benchmark Korea Composite Stock Price Index (KOSPI) had added 104.84 points, or 2.67 percent, to 4034.35 as of 11:20 a.m. The index opened higher after a fall the previous two sessions, and maintained the momentum on foreign and institutional buying.
According to Yonhap News Agency, investor sentiment was boosted by Nvidia's better-than-expected third-quarter results, raising hopes that the AI-driven market rally could regain momentum. Market bellwether Samsung Electronics jumped 4.46 percent, and chip giant SK hynix surged 4.09 percent. Leading battery maker LG Energy Solution advanced 1.37 percent, and nuclear power plant builder Doosan Enerbility soared 4.84 percent.
Leading shipbuilder HD Hyundai Heavy went up 2.61 percent, and its rival Hanwha Ocean increased 2.6 percent. Internet portal operator Naver spiked 4.43 percent, and the state-run utility firm KEPCO climbed 3.07 percent. Top steelmaker POSCO rose 3.03 percent. Top automaker Hyundai Motor edged up 0.09 percent, while its sister affiliate Kia remained unchanged.
The local currency was trading at 1,468.85 won against the U.S. dollar at 11:20 a.m., down 3.25 won from the previous session.