Seoul: Seoul stocks were trading sharply higher late Thursday morning, while investors digest the latest earnings release from Google's parent company. The benchmark Korea Composite Stock Price Index (KOSPI) was up 164.22 points, or 2.42 percent, to 6,961.92 as of 11:20 a.m., after reaching a high of 7,083.15 points.
According to Yonhap News Agency, Alphabet released its second-quarter earnings results overnight, surpassing market expectations thanks to an 82 percent year-over-year growth in its cloud business. The company also announced plans to increase capital expenditures for the year to meet the rising demand for artificial intelligence.
Major U.S. stock indexes closed lower, with the S and P 500 inching down 0.14 percent and the tech-heavy Nasdaq retreating 0.57 percent. However, in Seoul, most shares were trading higher. Market leader Samsung Electronics added 2.3 percent, while its competitor SK hynix advanced 2.19 percent. Top automaker Hyundai Motor rose 1.56 percent, shipbuilder HD Hyundai Heavy Industries jumped 3.98 percent, and defense company Hanwha Aerospace climbed 5.5 percent.
The Korean won was quoted at 1,467.2 won against the U.S. dollar, gaining 10.3 won from the previous session.