Seoul: South Korean stocks traded slightly higher late Wednesday morning ahead of the upcoming Federal Reserve meeting and the U.S.-China trade talks. The benchmark Korea Composite Stock Price Index (KOSPI) had risen 9.02 points, or 0.35 percent, to 2,568.81 as of 11:20 a.m.

According to Yonhap News Agency, overnight, the U.S. stocks finished lower as investors were awaiting the U.S. central bank’s rate-setting meeting slated for Wednesday (U.S. time). After the market closed, Washington and Beijing announced that bilateral trade negotiations are scheduled to take place in Switzerland this weekend, with U.S. Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng attending.

In Seoul, shares of chips, defense, and tourism companies led the gains. Chip giant Samsung Electronics rose 0.37 percent, and top defense firm Hanwha Aerospace climbed 3.3 percent. Flagship air carrier Korean Air soared 7.86 percent, and Hana Tour Service jumped 4.29 percent.

However, top carmaker Hyundai Motor fell 1 percent, and leading biotech firm Samsung Biologics declined 3.5 percent. The local currency was trading at 1,396.3 won against the U.S. dollar at 11:20 a.m., up 14.1 won from the previous session.