Seoul:<Text>

South Korean stocks traded higher late Friday morning as anxious investors moved to purchase blue chip shares at bargain rates despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had gained 28.75 points, or 0.92 percent, to 3,170.49 as of 11:20 a.m.

According to Yonhap News Agency, the index had opened sharply up, rising more than 1 percent, and continued in positive terrain on heavy foreign and institutional buying. Overnight, U.S. stocks declined as investors await remarks from U.S. Federal Reserve Chair Jerome Powell to provide clues about the likelihood of a rate cut in September. In Seoul, most large-cap shares traded higher.

Chip giant Samsung Electronics went up 0.99 percent, and its rival SK hynix gained 1.94 percent after a five-day losing streak. Defense giant Hanwha Aerospace increased 6.18 percent. In contrast, leading battery maker LG Energy Solution went down 1.48 percent, and leading fin ancial firm KB Financial inched down 0.73 percent.

The local currency was trading at 1,397.65 won against the greenback at 11:15 a.m., down 0.75 won from the previous session.