Seoul shares up nearly 13% late Fri. morning on tech boost

Korean stocks traded nearly 13 percent higher late Friday morning as investors scooped up semiconductor shares following Microsoft's strong earnings.

After opening 1.15 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) expanded its gains, adding 717.3 points, or 12.82 percent, to trade at 6,310.86 as of 11:20 a.m.

The surge followed a three-session heavy sell-off due mainly to concerns over artificial intelligence (AI) spending.

The KOSPI fell nearly 40 percent this month alone.

Overnight, Wall Street closed higher as Microsoft's stronger-than-expected earnings report eased fears about massive spending on AI infrastructure.

The S&P 500 climbed 1.66 percent and the Nasdaq gained 2.78 percent, while the Dow Jones Industrial Average rose 1.19 percent.

The PHLX chip index, a gauge of U.S. semiconductor giants, surged 8.2 percent.

In Seoul, market bellwether Samsung Electronics shot up 18.24 percent, and SK hynix skyrocketed 21.86 percent.

Top carmaker Hyundai Motor jumped 6.98 percent, and internet firm Naver gained 5.03 percent.

Leading shipbuilder HD Hyundai Heavy Indust ...