Seoul: South Korean stocks soared over 2 percent late Thursday morning as chips, heavy machinery, and other blue-chip gains elevated the market despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 57.2 points, or 2.06 percent, to 2,828.04 as of 11:20 a.m.

According to Yonhap News Agency, U.S. stocks finished mixed overnight as the Institute for Supply Management reported that the Services Purchasing Managers' Index for May fell to 49.9, marking its first dip below the 50-point threshold since June of the previous year. The Dow Jones Industrial Average fell 0.22 percent, while the Nasdaq composite and the S and P 500 added 0.01 percent and 0.32 percent, respectively.

The KOSPI continued its upward trajectory after Wednesday's 2.66 percent surge, following the inauguration of President Lee Jae-myung. Lee won the election after former conservative President Yoon Suk Yeol was ousted over an attempted martial law incident in December.

Most large-cap stocks advanced, with market bellwether Samsung Electronics jumping 3.46 percent and chip rival SK hynix surging 5.4 percent. Top defense systems manufacturer Hanwha Aerospace also saw a 5.56 percent increase, and shipbuilding giant Hanwha Ocean added 1.5 percent. Leading steelmaker POSCO Holdings soared 5.5 percent.

In contrast, financials lost ground with Kookmin Financial dropping 1.02 percent and Hana Financial Holdings shedding 0.13 percent. The local currency was trading at 1,357.85 won against the greenback at 11:20 a.m., up sharply by 11.65 won from the previous session.