Seoul shares inch up late Friday morning on chip, financial gains

The dealing room at Hana Bank in central Seoul, Friday / Yonhap

Korean stocks traded slightly higher late Friday morning on chip and financial share gains.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.01 points, or 0.08 percent, to 2,595.68 as of 11:20 a.m.

Overnight, U.S. stocks closed mixed after a session marked by high volatility.

The passage of U.S. President Donald Trump's tax bill through the House of Representatives was seen as a step toward resolving policy uncertainty, helping ease concerns that had been fueled by a sharp rise in U.S. Treasury yields the previous day.

The Dow Jones Industrial Average slipped 1.35 points, unchanged from the previous session percentagewise, while the S&P 500 slid 0.04 percent. The tech-heavy Nasdaq composite gained 0.28 percent.

In Seoul, blue chips traded mixed.

Chip giant SK hynix climbed 1.37 percent, while market heavyweight Samsung Electronics dropped 0.27 percent.

Financial shares gained momentum, with KB Financial rising 2.59 percent and Shinhan Financial climbing 1.85 percent.

In contrast, bio and battery shares lost ground. Samsung Biologics plunged 3.15 percent, and top battery manufacturer LG Energy Solution declined 1.82 percent.

Automotive and heavy industry shares also retreated. Hyundai Motor fell 1.48 percent, and top defense systems manufacturer Hanwha Aerospace shed 1.32 percent.

The local currency was trading at 1,377.15 won against the greenback at 11:20 a.m., up 4.15 won from the previous session.