SEOUL-- South Korean stocks traded bullish late Thursday morning, as the U.S. Federal Reserve signaled "patience" in raising interest rates.
The benchmark Korea Composite Stock Price Index (KOSPI) had risen 19.37 points, or 0.65 percent, to 2,995.08 points as of 11:20 a.m.
Overnight, the tech-heavy Nasdaq composite added 1.04 percent, and the Dow Jones Industrial Average gained 0.29 percent, as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the economic recovery.
At a news conference, Fed Chair Jerome Powell said Wednesday (local time) the U.S. central bank would be "patient" before hiking the benchmark interest rate.
Most large caps traded higher in Seoul.
Market bellwether Samsung Electronics increased 0.99 percent to 71,100 won, No. 2 chipmaker SK hynix advanced 1.9 percent to 107,500 won, and internet portal operator Naver climbed 2.36 percent to 412,000 won.
Leading car battery firm LG Chem gained 0.26 percent to 786,000 won, and Hyundai Motor, the country's largest carmaker, moved up 2.88 percent to 214,500 won.
Kakao Pay, the mobile payment service arm of Kakao Corp., South Korea's top messenger app, shed 6.99 percent to 179,500 won on its second day of trading on profit-taking.
The local currency was trading at 1,180.15 won against the U.S. dollar, up 1.45 won from the previous session's close.
Source: Yonhap News Agency