Seoul shares up late Friday morning on chip rally

Korean stocks traded sharply higher Friday morning, driven by a semiconductor rally.

After opening 3.57 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 250.6 points, or 3.48 percent, to 7,545.51 as of 11:20 a.m.

The rise comes as U.S. stocks closed higher in overnight trading, buoyed by a strong rebound in semiconductor shares and easing oil prices.

The Dow Jones Industrial Average gained 0.27 percent, while the S&P 500 rose 0.81 percent.

The tech-heavy Nasdaq Composite climbed 1.3 percent.

In Seoul, blue chip shares led the early run.

Market bellwether Samsung Electronics advanced 3.78 percent, while its chipmaking rival SK hynix also edged up 0.91 percent.

Samsung Electro-Mechanics, an electronic components manufacturing affiliate of Samsung Electronics, added 6.43 percent.

The Korean won was trading at 1,504.5 won against the U.S. dollar at 11:20 a.m., up 5 won from the previous session. ...