Seoul shares up 0.27 pct late Wed. morning

South Korean stocks traded 0.27 percent higher late Wednesday morning on the Federal Reserve's dovish stance. The benchmark Korea Composite Stock Price Index had gained 7.46 points to 2,788.32 as of 11:20 a.m. Overnight, Wall Street was strong on Fed Chairman Jerome Powell's comment about "significant progress" in recent economic data and a surge in Tesla stocks. In Seoul, battery shares led the upbeat mode. Leading electric vehicle battery maker LG Energy Solution jumped 3.35 percent, and POSCO Future M advanced 0.95 percent. Major commercial bank KB Financial Group vaulted 5.89 percent, and Shinhan Financial Group rose 4.85 percent. But chipmakers were weak as industry leader Samsung Electronics fell 0.12 percent and SK hynix retreated 1.72 percent. The local currency was trading at 1,389.45 won against the U.S. dollar, down 1.25 won from the previous session's close. Source: Yonhap News Agency